Bombay Court has not declared meeting call illegal or invalid: HC restrains Invesco from requisitioning ZEEL EGM

ZEEL had moved the court against Invesco’s call for an EGM and to declare it illegal and invalid. The high court had reserved its order on the issue last week after ZEEL had told the court that it was not willing to hold an EGM of shareholders as requested by Invesco.

Although the Bombay HC has restrained Invesco from taking any action in furtherance of their requisition notice to call an EGM, the court has not declared the call for an EGM illegal or invalid.

The HC order means that EGM cannot be convened until it decides whether the requisition notice is valid or not on the grounds raised by Zee, observers said.

The high court had last week reserved its order on the issue last week after ZEEL had told the court that it was not willing to hold an EGM of shareholders as requested by its Invesco. The promoter group — Subhash Chandra family — holds only a four per cent stake in ZEEL.

ZEEL has commenced the due diligence process for its proposed merger with Sony Pictures Networks India (SPNI), a subsidiary of Japan’s Sony Corp, following a non-binding agreement signed in September.