NCLT directs Zee to consider Invesco's demand for calling an EGM positively

Hearing the petition filed by Zee’s largest investors Invesco Developing Markets Fund and OFI Global China Fund, LLC, the National Company Law Tribunal, Mumbai Bench, today directed Zee to consider the requisition for calling an EGM positively. The tribunal will hear the matter again on October 4, 2021.

The tribunal also said that Zee shouldn't have made the disclosure on discussions with Sony public as the disclosure on discussions with Sony is nothing but playing with the stock market.

On Wednesday, the two investors filed a petition against the company before the National Company Law Tribunal, Mumbai Bench, under Sections 98(1) and 100 of the Companies Act, 2013, inter alia requesting the tribunal to order an EGM of the company.

The investors moved a resolution demanding an EGM on September 12, to which Zee has time till October 3 to respond. According to the Companies Act, the company gets 21 days to notify the EGM date.

However, the investors’ move to approach the court appeared to have been sparked off by apprehensions that the company was trying to checkmate their move to remove Punit Goenka.

Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) and OFI Global China Fund LLC hold 7,43,18,476 equity shares and 9,73,50,000 equity shares, respectively. The two shareholders represent an aggregate of 17.88% of the paid-up share capital of the company.

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