ZEEL gets time till Oct 22 to file reply to Invesco plea in NCLT
The Mumbai bench of NCLT passed this order after appellate body NCLAT ordered the tribunal to grant reasonable and sufficient opportunity to ZEEL to file its reply
The National Company Law Tribunal (NCLT) has given Zee Entertainment Enterprises Ltd (ZEEL) time till October 22 to file its reply to a plea filed by Invesco Developing Markets Fund.
The Mumbai bench of NCLT passed this order after appellate body NCLAT ordered the tribunal to grant reasonable and sufficient opportunity to ZEEL to file its reply to a plea filed by Invesco.
The NCLT bench comprising Bhaskara Pantula Mohan and Narendra Kumar Bhola directed ZEEL to file its reply by October 22 for further consideration.
ZEEL had moved NCLAT against NCLT's order dated October 5 directing the company to submit a reply to a petition filed by Invesco by 7th October. Invesco had moved the NCLT against ZEEL and three of its directors, including MD and CEO Punit Goenka, for not calling an extraordinary general meeting (EGM).
Invesco had moved the NCLT on 30th September, seeking directions to ZEEL to convene an EGM. The minority shareholders are seeking removal of ZEEL MD & CEO Punit Goenka as well as two other directors. It has also sought reconstitution of the company's board with the appointment of six new directors.
NCLT had directed ZEEL to hold a board meeting to consider Invesco's request for convening an EGM. Subsequently, ZEEL had held a board meeting wherein it rejected Invesco's demand for an EGM contending that the same is “illegal and invalid”. On October 2, ZEEL had moved the Bombay High Court against the requisition of EGM by Invesco and OFI Global China Fund.
Invesco Developing Markets Fund and OFI Global China Fund LLC hold 17.88% stake in ZEEL.
