NCLT directs ZEE to respond to Invesco petition by Oct 7
On September 30, Invesco had moved a petition for an EGM in order to remove ZEEL CEO and MD Punit Goenka along with two other directors
The National Company Law Tribunal (NCLT) has asked Zee Entertainment Enterprises to reply to Invesco and OFI Global China's petition by October 7, Thursday. The NCLT stated that it cannot afford to give Zee "weeks and weeks" of time to respond to the petition when the matter of the dispute -- whether the Extraordinary General Meeting (EGM) is valid or not -- is simple.
Members of the tribunal Bhaskara Pantula Mohan and Narendra Kumar Bhola said that orders cannot be passed with an opportunity of filing a counter, and that minimum opportunity time should be given.
NCLT has adjourned the proceedings for the hearing on October 7.
On September 30, Invesco had moved a petition for an EGM in order to remove ZEEL CEO and MD Punit Goenka along with two other directors and reconstituting a board with six new directors. Following this, NCLT had directed ZEE to hold a board meeting to address the convention of EGM.
On October 2, ZEE told Bombay HC that the call for EGM was "illegal and invalid."
