Mumbai: Invesco Developing Markets Fund and OFI Global China Fund LLC, shareholders of Zee Entertainment Enterprises Ltd (ZEEL) have sought the removal of long-standing directors and close associates of the Chandra family from the Board.
Both Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) and OFI Global China Fund LLC hold equity shares, which represent an aggregate of 17.8 per cent of the paid-up share capital of the Company. The change of guard comes two years after Oppenheimer bought the mortgaged shares of banks when Chandra defaulted on loans from banks.
In a special notice sent under Section 169(21 read with Section 115 of the Companies Act, 2013, the investors have sought the organisation of an Extraordinary General Meeting (EGM) of shareholders to remove Punit Goenka, Manish Chokhani, and Ashok Kurien as directors.
Both Chokhani and Kurien have held the positions since Zee TV’s inception, and have resigned with immediate effect. While Kurein was a member of the CSR committee and Stakeholders committee of the Board, Chokhani was a member of the nomination and remuneration committee and risk management committee.
The investors have also sought the appointment of Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepalli, Gaurav Mehta as independent directors on the board for a term of up to five consecutive years.
“The board of directors of the Company is requested to take all necessary action to call for and conduct the extraordinary general meeting, as requisitioned by us, in accordance with applicable law, including Sections 100, 101, and 102 of the Companies Act, 2013 and Rule 23(3) of the Companies (Management and Administration) Rules, 2014,” the notice read.
However, all the appointments are subject to the approval of the ministry of information and broadcasting (I&B).