Zee Entertainment has got relief from NCLAT. The NCLAT on Friday said that it should be given sufficient time to respond to the petition filed by Invesco. In its 15-page judgment, the NCLAT said that the NCLT has made a mistake in this matter. He hasn’t given enough time to Zee Entertainment. Zee was asked to respond within two days to the demand of convening EGM by Invesco, the largest shareholder in the company.
Invesco had filed an appeal in NCLT
Invesco had demanded the shareholders of Zee Entertainment to convene the EGM. The EGM was to be called to remove the company’s MD Puneet Goenka. However, zee Entertainment has said in its appeal filed in the Bombay High Court that this demand of Invesco is wrong. Invesco had appealed to the National Company Law Tribunal (NCLT) regarding the demand for convening the EGM. But Zee opposed it and filed a petition in the National Law Appellate Tribunal.
Zee Entertainment vs Invesco: Battle Of Zee! Subhash Chandra accuses Invesco of adopting wrong ways
Subhash Chandra’s allegation, Invesco wants to take over the company
On Thursday, Zee Entertainment Enterprises Ltd founder Subhash Chandra said through one of his channels that the company’s largest shareholders Invesco and OFI Global China fund want to take over the company. This company was formed by Subhash Chandra about twenty years ago. The matter has also gone to the Bombay High Court. G has appealed to the Bombay High Court to declare the notice sent for convening the EGM as illegal and invalid. Chandra says Invesco should come out in the open and let shareholders decide whether they are with its deal or with the Sony deal .