NEW DELHI :An Indian court on Tuesday temporarily restrained Zee Entertainment Enterprises' top investor Invesco from calling a shareholder meeting, in a win for the TV network that sent its shares higher.
The nomination of individuals for the board does not speak well of their independence, Justice G.S. Patel of the Bombay High Court observed in his 44-page order, adding that Invesco's notice to remove Goenka"without proposing a replacement... puts Zee into a statutory black hole." The Bombay High Court last week proposed that Zee call a shareholder meeting, but ruled in favour of the Indian TV network on Tuesday following arguments by its lawyer including on maintaining a balance between executive and non-executive directors on the board.
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