Invesco's step is premature, will act in interest of shareholders and as per law: Zee

Zee Entertainment Enterprises Ltd (ZEEL) on Thursday said that Invesco's step is premature and it will act in the interest of shareholders and as per the law.

ZEEL statement came after the National Company Law Tribunal (NCLT) Mumbai on Thursday asked the company to call Extraordinary General Meeting (EGM) on the plea of Invesco.

"The board of the company is scheduled to meet as per the statutory time allotted, in relation to the matter. The company will continue to take all the actions needed in the interest of the shareholders and as per law," a company spokesperson said.

"The board of the company remains committed to act within the framework of law and is focused towards enhancing the Company's growth and shareholder value. It is in the process of taking the required steps within the statutory period. The Company does not wish to comment on any impulsive or premature steps taken by Invesco Developing Markets Funds and OFI Global China Fund, LLC," the spokesperson added.

Earlier today the Mumbai Bench of NCLT directed ZEEL board to call an extraordinary general meeting (EGM), as sought by shareholder Invesco Developing Market Funds, under Section 100 of the Companies Act, 2013. Next hearing of the case is listed on October 4.

Invesco, which along with OFI Global China Fund LLC holds a 17.88 per cent stake in ZEEL, had moved the NCLT on September 29 -- around two weeks after it demanded an EGM to push for the ouster of the company's three directors including MD and CEO Punit Goenka.

( With inputs from ANI )