ITV

Tag: court order

  • Zeel-Invesco tussle: Bombay HC directs Zeel to call for EGM

    Zeel-Invesco tussle: Bombay HC directs Zeel to call for EGM

    Mumbai: The Bombay high court asked Zee Entertainment Enterprises Ltd (Zeel) to call for the extraordinary general meeting (EGM) requisitioned by Invesco Developing Markets Fund on Thursday. Zeel must inform the court of the EGM date by Friday morning.

    According to a Business Standard and Reuters report, Zeel agreed to hold the EGM only if its right to contest the validity of the resolution passed at the meeting is reserved. The court determined that any resolution passed at the meeting will be put on hold until it decides on the validity of Invesco’s request. The bench suggested that a neutral chairperson should head the meeting who may be from the corporate world, a lawyer, or a judge.

    The Zeel-Invesco tussle began when the media company’s two top investors Invesco Developing Markets Fund and OFI Global China Fund LLC who combined own 18 per cent stake in the company had sent a requisition notice to the company on 11 September to call an EGM even after two weeks, the investors moved to National Company Law Tribunal (NCLT), citing provisions of company law, according to which the company is bound to call for an EGM within a specific number of days if stakeholder demanding it owns more than 10 per cent of the company.

    The investors had also sought the removal of long-standing directors and close associates of the Chandra family from the board. The two independent directors Ashok Kurien and Manish Chokhani have already submitted their resignations. 

    The investors moved to have six nominees appointed to the board of Zeel, which included Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepali, and Gaurav Mehta as independent directors of the board for a term up to five consecutive years. The notice was received by Zeel on 12 September, and it informed the stock exchanges on 13 September, adding that the appointments are subject to approval by the ministry of information and broadcasting (MIB).

    Zeel refused to conduct the EGM citing ‘shareholders interest’ and moved to Bombay high court on 2 October seeking to declare the requisition notice as “illegal and invalid.”

  • Delhi HC orders suspension of websites infringing Aaj Tak trademark

    Delhi HC orders suspension of websites infringing Aaj Tak trademark

    Mumbai: The Delhi high court has directed digital media platforms Google and Facebook to suspend the domain names and web platforms of a number of websites for infringing the “Aaj Tak” trademark, according to a report by Bar and Bench.

    The order was passed by the single judge bench held by Justice Suresh Kumar Sait in a suit filed by Living Media India Ltd, a parent company of Aaj Tak. The court also extended the previously granted interim injunction passed against the websites in question.

    The HC order has restrained four websites from using the “Aaj Tak” trademark and observed that “the extensive and awareness of the plaintiffs’ trademarks and device/composite mark is apparent if one were to take into account the figures concerning turnover and advertisement spend set out in the plaint”, according to the report.

    During a previous hearing, senior advocate Darpan Wadhwa, appearing on behalf of Aaj Tak, had sought leave from the court to file for relief seeking similar orders against other rogue websites that emerged. Consequently, the plaintiffs sought impleadment of several additional websites and prayed for suspension of their domain names.

    The single judge bench concluded that the proposed defendants were “necessary parties for just adjudication of this case and if they are not impleaded, prima facie it will amount to immense loss of goodwill and reputation on account of the unlawful activities of these proposed defendants.”