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Monitoring situation at Zee, policyholders' interest paramount: LIC

LIC, which owns 4.89 percent stake in Zee Enterprises, also said that it would continue to monitor the proceedings in NCLT.

September 30, 2021 / 12:31 PM IST

A day after Invesco Developing Markets Fund along with OFI Global China Fund moved the National Company Law Tribunal (NCLT) against Zee Entertainment Enterprises Ltd (ZEEL), LIC has said that it is monitoring the situation.

Life Insurance Corporation told CNBC TV18 that policyholders' interest and the company's value in Zee would be paramount factors to be considered during the vote.

The insurer, which owns 4.89 percent stake in Zee Enterprises, also said that it would continue to monitor the proceedings in NCLT and decide on whether to vote in favour, against or abstain closer to the EGM date.

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Read | Invesco drags Zee to NCLT over delay in EGM date for Punit Goenka ouster

On September 29, Invesco moved NCLT against Zee for not calling an extraordinary general meeting of the company.

Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) along with OFI Global China Fund LLC -- which together hold 17.88 percent in ZEEL -- had earlier called for an extraordinary general meeting of shareholders seeking the removal of Managing Director Punit Goenka.

The case is likely to be heard today.

Also read: Invesco says Zee’s failure to take steps within its notice period to call an EGM led to legal action

ZEEL, which announced its merger last week with rival Sony Pictures Networks India to create the largest media firm in the country, termed the steps by its minority shareholders as "impulsive or premature".

ZEEL declined to comment on the development and said it remains committed to acting within the framework of the law.

"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," said a ZEEL spokesperson.

Also read | Zee: Next one month crucial as brinkmanship with Invesco continues
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