Invesco an investor in Zee Entertainment Enterprises Limited (ZEEL) with a 17.88 percent stake, has filed a petition with the National Company Law Tribunal (NCLT) in the continuing dispute with the media company. The matter is listed for hearing on September 30, 2021.

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The action follows ZEEL’s failure to call an EGM to seek shareholder consent to dismiss key directors, including Punit Goenka. Goenka, the son of Essel Group founder and chairman Subhash Chandra, is now the CEO and MD of ZEEL. Furthermore, the fund had requested that its nominees be appointed to ZEEL’s board of directors.

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Elaborating on the rationale for the EGM requisition, Invesco said, “Precisely to protect shareholder value and in the exercise of our statutory rights as an ordinary shareholder, we have called upon the Company to hold an EGM, and it is your duty under company law to now do so. At this EGM, shareholders of the Company will decide the composition of the Company’s board of directors in a free and democratic manner.”

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According to the regulations, listed firms must announce a date for an EGM within three weeks of receiving a request from an investor owning at least 10% of the shares.

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On September 11, Invesco issued a letter to Zee demanding that the business hold an EGM, which the latter received on September 12. As a result, Zee must declare an EGM date by October 2 at the latest.

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However, only a few days after it sent the letter to Zee, the latter announced a merger agreement with Sony Pictures. Punit Goenka will remain as MD and CEO under the terms of the planned merger with Sony.