Zee moves NCLAT against NCLT order on Invesco plea regarding EGM

New Delhi [India], October 6 : Zee Entertainment Enterprises LTD (ZEEL) has moved the National Company Law Appellate Tribunal (NCLAT) against the National Company Law Tribunal (NCLT) Mumbai order that asked it to respond by October 7 on the plea of shareholders Invesco Developing Markets Fund and OFI Global China.
"The Company has moved to National Company Law Appellate Tribunal (NCLAT) in accordance with the due process available under the law. The Company has also filed a suit in Bombay High Court to declare that the requisition notice sent by Invesco Developing Markets Fund and OFI Global China Fund LLC is invalid," a ZEEL spokesperson said.
"The Company continues to have full faith in the Indian judicial system and will take all the necessary steps that are in the best interests of all its shareholders," the spokesperson added.
The Mumbai Bench of NCLT had on October 30 directed ZEEL board to call EGM, as sought by shareholder Invesco, under Section 100 of the Companies Act, 2013.
ZEEL had on October 1 conveyed its inability to Invesco to convene EGM, stating that the requisition notice is "invalid and illegal".
The company had said that its Board, comprising experienced professionals, deliberated and discussed various legal and statutory implications of the requisition notice.
Invesco, which along with OFI Global China Fund LLC, holds a 17.88 per cent stake in ZEEL, had moved the NCLT on September 29 -- around two weeks after it demanded an EGM to push for the ouster of the company's three directors including MD and CEO Punit Goenka.