MUMBAI: Enterprises’ board on Friday rejected the requisition by the company’s largest shareholder Invesco Developing Markets and OFI China Fund LLC to hold an extraordinary general meeting.

The rejection by the board of the company comes after the National Company Law Tribunal had on Thursday directed the broadcasting company to hold the EGM as requested by Invesco.

“After considering the unanimous advice received about the legal validity of the Requisition Notice, the Board deliberated, and unanimously concluded that the Requisition Notice is not valid, as it suffers from multiples legal infirmities,” the board of the company said in an exchange filing.

Current Managing Director and member of the promoter family Punit Goenka recused himself from the board meeting as he was an interested party by virtue of Invesco seeking vote on a proposal to remove him as director from the board at the requested EGM.