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ARTICLE · 16 JUNE 2023

Zee Vs Invesco Case Update | Shareholder Activism

Mansukhlal Hiralal & Company
Mansukhlal Hiralal & Company
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The Bombay High Court (Court)in the recent case of Zee Entertainment Enterprises Limited v Invesco Developing Markets Fund granted an interim injunction in favour of a company restraining a share-holder...

IndiaCorporate/Commercial Law
Bhushan Shah
Bhushan Shah
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The Bombay High Court (Court)in the recent case of Zee Entertainment Enterprises Limited v Invesco Developing Markets Fund granted an interim injunction in favour of a company restraining a share-holder from moving National Company Law Tribunal (NCLT) under the provisions of the Companies Act, 2013 (Companies Act), seeking directions to call and Extraordinary General Meeting (EGM) for requisitions which the Court perceived as invalid and/or illegal. This update analyzes the order of the Court and tries to point out the lacunae therein.

FACTS:

  • Defendant No 1 - Invesco Developing Markets Fund (Invesco) holds 17.88% shares in the Plaintiff Company namely Zee Entertainment Enterprises Limited (ZEE) , and had issued a Requisition Notice on 11 September 2021 (Requisition) , inter alia seeking to:
    • Appoint six independent directors on the Board of Directors (BOD) of ZEE, in addition to the existing directors; and

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