In a strongly worded judgement in favour of Zee, the High Court said that sometimes a company must be saved from its own shareholders, however well-intentioned.
A single bench of the high court presided over by Justice GS Patel had asked the media company if it was willing to hold such a meeting.
It also clarified that differences arose between ZEEL MD Punit Goenka and Invesco over the founders' bid to raise stake by subscribing to preferential warrants.
The role of Invesco, as Zee's single largest shareholder, was to help facilitate that potential transaction and nothing more.
Invesco in an all-out attack said that the founding family, which holds under 4% of the company’s shares, is benefitting at the expense of 96% shareholders.
Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) along with OFI Global China Fund LLC hold a 17.88 per cent stake in ZEEL.