Sunday, 17 October, 2021
HomeBusinessZee Files Petition To Block Investors' Demand Ahead Of Sony Merger

Zee Files Petition To Block Investors' Demand Ahead Of Sony Merger

Zee signed a merger take care of Sony Group Corp’s India unit to create the nation’s largest broadcaster.

Zee Leisure Enterprises mentioned on Saturday it had filed a petition in court docket in opposition to a discover issued by two institutional buyers pushing the media firm to name for a gathering of shareholders.

Zee’s board on Friday rejected calls from Invesco Creating Markets Fund and OFI World China Fund LLC for a unprecedented common assembly, citing the shortage of approvals required from India’s capital markets regulator and the federal broadcasting ministry for initiating adjustments to an organization’s board.

Invesco and OFI, which collectively personal 17.88 per cent of Zee, need its chief government Punit Goenka to be eliminated and a board revamp.

The 2 buyers filed a petition at India’s firms court docket after Zee final week signed a merger take care of Sony Group Corp’s India unit to create the nation’s largest broadcaster.

Goenka is about to grow to be head of the brand new enterprise. The subsequent listening to for the case is scheduled for Oct. 4.

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