ARTICLE · 25 JANUARY 2023

Corporate Democracy – A Balancing Act Between Interests

Bharucha & Partners

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This article analyses the Bombay High Court's decision setting aside an injunction restraining Invesco Developing Market Fund from requisitioning a meeting of Zee Entertainment Enterprises Ltd., and the impact of the decision on corporate democracy.

IndiaCorporate/Commercial Law

Justin Bharucha

This article analyses the Bombay High Court's decision setting aside an injunction restraining Invesco Developing Market Fund from requisitioning a meeting of Zee Entertainment Enterprises Ltd., and the impact of the decision on corporate democracy.

In Invesco Developing Markets Funds vs. Zee Entertainment Enterprises Ltd., a Division Bench of the Bombay High Court permitted Invesco to take steps further to its requisition notice including holding an extraordinary general meeting (EGM) under Section 100(4) of the Companies Act, 2013 (Act) so overturning the Single Judge's order in Zee Entertainment Enterprises Ltd. v. Invesco Developing Market Fund.

BRIEF FACTS

On 11 September 2021, Invesco requisitioned an EGM of Zee shareholders to remove the MD and CEO of Zee and to appoint 6, new, independent directors¹. On 29 September 2021, Invesco filed a petition before the National Company Law Tribunal (NCLT), Mumbai, to enforce the requisition notice by calling an

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