All the six resolutions put to vote at Zee’s annual general meeting on Tuesday have been passed by shareholders with an overwhelming majority — a trend that should offer some comfort to Punit Goenka, managing director of Zee Entertainment Enterprises Ltd .

The vote at the annual general meeting could cast a long shadow over Invesco’s move to overhaul the Zee board. Invesco Developing Markets Fund and OFI Global China Fund LLC, which are Zee’s largest shareholders, have asked the company to hold an extra-ordinary general meeting (EGM) for the removal of Goenka and the appointment of six independent directors.

At the AGM, the shareholders’ vote was sought for the appointment of Vivek Mehra and Sasha Mirchandani as independent directors. The resolution for the appointment of Mehra received 72.10 per cent of votes in favour and 27.89 per cent against, while that for the appointment of Mirchandani secured 87.3 per cent votes in favour and 12.7 per cent against the resolution.

Two independent directors — Manish Chokhani and Ashok Kurien — who were under fire from Invesco and OFI Global China Fund resigned from the board a day before the vote. The resolutions pertaining to their re-appointment were not put to vote.

The accounts for the financial year ended March 31, 2021 were adopted with an 86.8 per cent voting in favour and 13.1 per cent against. Shareholders also gave full support (99.7 per cent) to the payout of Rs 2.50 per share as dividend. A preference share dividend also received a similar 99.7 per cent backing. Similarly, the remuneration payable to the cost auditor was cleared with a 99.95 per cent in support .

Zee will now have to decide on when to call the EGM sought by Invesco. The company is examining the letter sent by the two investors and said that it will take necessary action under applicable law.

On Wednesday, the share of Zee ended 2.12 per cent lower at Rs 255.95 as a result of profit booking. This came after the counter hit a 52-week high of Rs 295.15 on the BSE.

Observers said that though it is still early to say how shareholders will vote at the proposed EGM, the voting results at the shareholders meet does give an indication on which way the wind is blowing.

Since the Invesco move, the well known investor Rakesh Jhunjhunwala purchased 50 lakh shares of ZEEL worth over Rs 110 crore and BofA Securities Europe purchased 48.6 lakh shares.

According to a note from the proxy advisory firm Institutional Investor Advisory Services (IiAS), the Companies Act 2013 has laid out the process for investors calling an EGM. It added that within 45 days, the company is required to hold an EGM and if they do not, then the investors have three months to organize the EGM for which the firm will have to bear expenses.

Further, the removal of directors requires a simple majority to pass (more than 50 per cent of the votes cast). Promoters can vote their shares. However, this will have limited impact in the case of ZEEL since they own 3.99 per cent in the company.