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Whereas the NCLT is listening to a petition filed by Invesco demanding convening of a rare normal assembly (EGM), Zee had approached the NCLAT searching for extra time to answer to the petition.
The Nationwide Firm Regulation Tribunal (NCLT) on Friday gave Zee Leisure Enterprises Ltd time until October 22 to file its reply to a plea by its minority shareholder Invesco, after appellate physique NCLAT ordered the tribunal to provide the media main affordable alternative to do the identical.
The Mumbai bench of NCLT, comprising Bhaskara Pantula Mohan and Narendra Kumar Bhola, directed Zee Leisure Enterprises (ZEEL) to file its reply by October 22 for additional consideration.
The NCLAT had on Thursday directed NCLT Mumbai to provide affordable alternative to the media main to answer to Invesco’s plea for holding a gathering of shareholders, and in addition remarked that the tribunal made an “error” by not offering ample response time.
Whereas the NCLT is listening to a petition filed by Invesco demanding convening of a rare normal assembly (EGM), Zee had approached the NCLAT searching for extra time to answer to the petition.
The US-based funding agency had on September 30 moved a petition searching for convening of EGM, eradicating the corporate’s Chief Govt and Managing Director Punit Goenka in addition to two different administrators, and reconstituting the board with the appointment of six new administrators.
Invesco Growing Markets Fund (previously Invesco Oppenheimer Growing Markets Fund) together with OFI World China Fund LLC maintain 17.88% stake in ZEEL.
NCLT had directed ZEEL to carry a board assembly to contemplate Invesco’s request for convening an EGM.
Nevertheless, on October 1, ZEEL advised the exchanges that its board discovered the demand for a gathering searching for a recast of the board, together with the removing of Mr Goenka, to be “unlawful and invalid”.
On October 2, ZEEL mentioned it has moved the Bombay Excessive Courtroom towards the requisition of minority shareholders Invesco and OFI World China Fund, to convene an EGM to debate numerous points, together with removing of Managing Director Punit Goenka.
Supply- thehindu