Television

Zeel-Invesco tussle: Bombay HC directs Zeel to call for EGM

Zeel must inform the court of the EGM date on Friday.

https://indiantelevision.com/sites/default/files/styles/smartcrop_800x800/public/images/tv-images/2021/10/21/img_21102021_175043_800_x_800_pixel.png?itok=WTA4NFZT

Mumbai: The Bombay high court asked Zee Entertainment Enterprises Ltd (Zeel) to call for the extraordinary general meeting (EGM) requisitioned by Invesco Developing Markets Fund on Thursday. Zeel must inform the court of the EGM date by Friday morning.

According to a Business Standard and Reuters report, Zeel agreed to hold the EGM only if its right to contest the validity of the resolution passed at the meeting is reserved. The court determined that any resolution passed at the meeting will be put on hold until it decides on the validity of Invesco’s request. The bench suggested that a neutral chairperson should head the meeting who may be from the corporate world, a lawyer, or a judge.

The Zeel-Invesco tussle began when the media company’s two top investors Invesco Developing Markets Fund and OFI Global China Fund LLC who combined own 18 per cent stake in the company had sent a requisition notice to the company on 11 September to call an EGM even after two weeks, the investors moved to National Company Law Tribunal (NCLT), citing provisions of company law, according to which the company is bound to call for an EGM within a specific number of days if stakeholder demanding it owns more than 10 per cent of the company.

The investors had also sought the removal of long-standing directors and close associates of the Chandra family from the board. The two independent directors Ashok Kurien and Manish Chokhani have already submitted their resignations. 

The investors moved to have six nominees appointed to the board of Zeel, which included Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepali, and Gaurav Mehta as independent directors of the board for a term up to five consecutive years. The notice was received by Zeel on 12 September, and it informed the stock exchanges on 13 September, adding that the appointments are subject to approval by the ministry of information and broadcasting (MIB).

Zeel refused to conduct the EGM citing ‘shareholders interest’ and moved to Bombay high court on 2 October seeking to declare the requisition notice as "illegal and invalid."

Latest Reads

https://indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2022/05/19/disney-star.jpg?itok=4w6qX31W
Disney Star announces the launch of dedicated Odia channel

Mumbai: Disney Star has announced the launch of a dedicated Odia general entertainment channel - Star Kiran, which will premiere on 6 June. Star Kiran will be the first regional HD channel in Odisha and it will be launched in SD and HD versions. Star Kiran also marks Disney Star’s foray into the...

Television TV Channels Regional
https://indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2022/05/19/barc.jpg?itok=eg4MSwk-
Barc week 19: Sun TV maintains lead in all India market

Broadcast Audience Research Council (Barc) India has released currency data for week 19 (from 7 to 13 May). As per data for All India 2+ target group, Sun TV is the most watched channel in India with average minute audience (AMA) of 2373.16 (000). It was followed by Star Maa at 2240.67 (000) AMA,...

Television TV Channels Viewership
https://indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2022/05/19/9.jpg?itok=mkxNI7iD
'Dil Beats' returns with new fourth season on MTV Beats

Hindi music channel MTV Beats is all set to bring back the highly anticipated love show "Dil Beats" for the fourth season. This new season is named as 'Unfiltered Love' and will see popular musician and singer-songwriter sibling-duo Sukriti Kakar and Prakriti Kakar as ‘Love Queens.’

Television TV Channels Music and Youth
https://indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2022/05/19/ndtv.jpg?itok=_0ez047O
NDTV records profit of Rs 17.8 crore in Q4 FY22

Mumbai: NDTV Group’s television company NDTV Ltd has recorded revenue of Rs 65.3 crore profit of Rs 17.8 crore for the quarter ended 31 March. The media company reported revenue of Rs 262.13 crore profit of Rs 59.2 crore for the year 2021-2022. The annual consolidated profit for the group was Rs 79...

Television TV Channels News Broadcasting
https://indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2022/05/18/bala-iyengar_0.jpg?itok=MHqasXGr
Bala Iyengar appointed as chief strategy officer at Dangal TV

Bala Iyengar has joined Enterr10 Television Network as chief strategy officer for its Hindi general entertainment channel Dangal TV. He announced the same on LinkedIn.

Television TV Channels Viewership
https://indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2022/05/17/news-nation-logo.jpg?itok=J0u-Fiue
News Nation Network launches new show 'Guru Dev'

News Nation Network has launched a new show titled "Guru Dev," which focuses on astrological predictions of the day. It’s a forty mins show hosted by renowned astrologist and spiritual guru Dr Pawan Sinha.

Television TV Channels News Broadcasting
https://indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2022/05/17/warren-buffet.jpg?itok=E39W7x5U
Warren Buffet’s Berkshire Hathaway acquires stake in Paramount Global

Warren Buffet’s Berkshire Hathaway has invested $2.6 billion in Paramount Global in the first quarter of 2022, as per a Securities and Exchange Commission filing that disclosed the quarterly stock trading activity of his Berkshire Hathaway holding company.

Television TV Channels Viewership
https://indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2022/05/17/abhijay-prakash.jpg?itok=qxEqv9ow
Abhijay Prakash joins Blumhouse as president

The former studio executive, Abhijay Prakash has been named the new president of Jason Blum's Blumhouse, an American television and production company, according to a news report. He will oversee all business aspects of the production house and will be succeeding veteran executive Charles Layton. 

Television TV Channels Viewership
https://indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2022/05/16/natpe.jpg?itok=p_pzZJUH
Natpe Budapest readies for in-person event in June

Mumbai: The National Association of Television Programme Executives (Natpe), a global business association for content producers, distributors, streamers and buyers across all platforms has announced Natpe International’s return to an in-person event in Budapest. This year’s spotlight is on Turkish...

Television TV Channels People