Zee Vs Invesco: It’s a messy situation right now, says Shriram Subramanian

Minority shareholders are completely perplexed. They do not know which direction this will head and that is where it stands, says Shriram Subramanian, Founder & MD, InGovern.

What are you making of the developments at Zee? The board has unanimously agreed and expressed the inability of the shareholders to convene the EGM altogether?
Yes this is a strange situation. We do not know. Obviously the Ministry of Information and Broadcasting usually gives its approval but whether Zee will have to wait for this approval first or whether they go to the shareholders first is not very clear, especially given the fact that now NCLT has directed Zee to conduct the EGM.

In light of that direction also which takes first precedence, it is not very clear whether the ministry approval is first or whether the shareholder approval is first and so on Monday when the NCLT meets, it needs to be seen what NCLT will do given that the approval from ministry is still due or pending.

What legal course can the minority shareholders take and on what ground do you think the minority shareholders are likely to object or are now making a case for the change of Mr Goenka? After the Sony merger, I am sure a lot will change. If the minority shareholders want to protect their interest, what can they do now?
It is a messy situation now. The path is not clear for minority shareholders. I think on Monday, October 4, if NCLT is convinced again, we will have to see what direction they give given the fact that the approval from the Ministry of Information and Broadcasting is also required.

What NCLT at that time will decide is not clear to minority shareholders. So minority shareholders are completely perplexed. They do not know which direction this will head and that is where it stands.

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