Invesco moves NCLT over extraordinary general meeting of ZEEL

ZEEL had last week announced its merger with Sony Picture Networks India

Invesco Developing Markets Fund, along with OFI Global China Fund, has moved the National Company Law Tribunal against media major Zee Entertainment Enterprises Ltd. (ZEEL) for not calling an extraordinary general meeting (EGM) of the company.

Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) along with OFI Global China Fund LLC - which together hold 17.88% in ZEEL, had earlier called for an EGM of shareholders seeking the removal of Managing Director Punit Goenka.

While ZEEL, which had last week announced its merger with rival Sony Picture Networks India to create the largest media firm in the country, termed the steps by its minority shareholders “impulsive or premature”.