After NCLT And High Court, Zee Vs Invesco Fight Reaches NCLAT
Zee Entertainment seeks a stay on proceedings before the NCLT.
The National Company Law Appellate Tribunal will have to decide whether Zee Entertainment Enterprises Ltd. was given enough time by the National Company Tribunal to file a reply on Invesco Developing Markets Fund’s petition seeking an EGM.
In its petition filed in the NCLAT on Wednesday, Zee complained that the time granted by the tribunal till Thursday (Oct. 7) is inadequate. The company also sought a stay on the proceedings before the tribunal until the NCLAT decides on the appeal.
Zee Entertainment has moved the National Company Law Appellate Tribunal in accordance with the due process available under the law.Zee Statement
In the hearing at the NCLT on Tuesday, the lawyers for Zee spent almost an hour trying to convince the tribunal to grant them time till Friday. But the tribunal decided to take up the case on Oct. 7 instead, seeking the company's response on why it rejected Invesco’s demand to call an extraordinary general meeting.
Invesco Developing Markets Fund and OFI Global China Fund LLC, which together own 17.88% stake in the company, have sought ouster of Punit Goenka, managing director and chief executive officer.
The NCLT had pointed out that the hearing has gone on for three days but Zee’s lawyer Navroz Seervai said they were under the impression that it was only limited to the grant of interim relief.
The final relief sought by the foreign funds is that an EGM be held and Zee argued that the NCLT cannot pass such an order at an interim stage.
The NCLT will take up the case on Thursday while the date of hearing at the NCLAT is not known yet.