Following the petition filed by Invesco with NCLT (National Company Law Tribunal) demanding convening of an Extraordinary General Meeting (EGM) of Zee Entertainment Enterprises Ltd (ZEEL), the tribunal has on Thursday adjourned the hearing for Friday. It said that it will wait for the National Company Law Appellate Tribunal (NCLAT) order related to the matter.
While the NCLT is hearing a petition filed by Invesco, ZEEL has moved the NCLAT seeking more time to reply to the petition. ZEEL moved the appellate tribunal after the NCLT on October 5 (Tuesday) directed the company to reply to Invesco’s petition by October 7 (Thursday).
The petition was filed by Invesco along with OFI Global China Fund.
“Let us respect the NCLAT and we will hear the matter tomorrow,” the NCLT Mumbai bench, comprising Bhaskara Pantula Mohan and Narendra Kumar Bhola, said.
The bench told ZEEL’s senior counsel Navroj Seervai that they have all the time to appeal before the appellate court that would have required hundreds of pages but did not have the time to reply with 3-4 pages before the NCLT.
“I remember you (counsel) during the course of argument saying we don’t give time which should be concluded that we have made up our mind… anyway we should respect the appellate court’s order and will have the matter for hearing tomorrow,” the bench said.
US-based Invesco had moved the petition on September 30, seeking convening of the EGM, removing the company’s Chief Executive and Managing Director Punit Goenka as well as two other directors, and reconstituting the board with the appointment of six new directors.
Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) along with OFI Global China Fund LLC have a 17.88 per cent stake in ZEEL.
ZEEL responded on October 1st by saying that its board found the demand for a meeting seeking a recast of the board, including the removal of Goenka, to be “illegal and invalid”. The next day, on October 2, ZEEL said it has moved the Bombay High Court against the requisition of the minority shareholders.
