Zee Enterprises on Friday informed stock exchanges that it will not be able to hold an Extraordinary General Meeting (EGM) as requested by Invesco.
Zee said, the issue was discussed in detail by the board and it was decided not to go ahead with the EGM, in the best interest of the company, including all the shareholders.
“In the best interest of the Company including all its shareholders and stakeholders, we express our inability to convene the EGM on the lines required by you,” the company said in a filing.
Puneet Goenka recused himself from the board meeting and did not attend as he was an interested party in the discussion.
Zee said Invesco’s proposal to bring about fundamental changes in the board of directors and key managerial personnel by seeking the removal of the executive director would result in non-compliance with SEBI regulations.
Don’t miss a story! Stay connected and informed with Mint.
download
Our App Now!!
.