ZEEL moves NCLAT seeking more time to respond to Invesco plea – Business News India


The dispute between Zee Entertainment Enterprises Limited (GEEL) and the company’s investor – Invesco, OFI Global China Fund – continues to grow. In this dispute, Zee Entertainment has now moved the National Company Law Appellate Tribunal (NCLAT).

Why was it needed? In fact, media company Zee Entertainment has challenged the order of the National Company Law Tribunal (NCLT). The NCLT on Tuesday directed Zee Entertainment to file its reply by October 7 (Thursday) on the petition of minority shareholders. Tomorrow i.e. October 7 is the next date of hearing in the matter. Before this hearing, Zee Entertainment has approached the NCLAT.

Reasons for going to Bombay High Court: Media company Zee Entertainment last week informed that it has moved the Bombay High Court against the demand of minority shareholders. According to a Zee Entertainment spokesperson, the company has filed a suit in the High Court to declare that the notices sent by Invesco Developing Markets Fund and OFI Global China Fund LLC are invalid. The spokesperson said that the company has full faith in the Indian judicial system and will take all necessary steps in the interest of all its shareholders.

New twist in Zee dispute, the company approached the court against the investors

Investors are demanding this: Zee Entertainment’s shareholders – Invesco and OFI Global China Fund are seeking to convene an Extraordinary General Meeting (EGM). Many issues are proposed to be discussed in this meeting. This includes the demand for the removal of Zee Entertainment Managing Director Puneet Goenka from the post. Invesco Developing Markets Fund and OFI Global China Fund LLC have a total stake of 17.88 in Zee Entertainment.

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