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 likewise remarked that the tribunal made an “error” by not offering adequate response time.
Whereas the NCLT is listening to a petition filed by Invesco demanding convening of a rare common assembly (EGM), Zee had approached the NCLAT in search of extra time to answer to the petition.
The US-based funding agency had on September 30 moved a petition in search of 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 Creating Markets Fund (previously Invesco Oppenheimer Creating Markets Fund) together with OFI International China Fund LLC maintain 17.88 per cent stake in ZEEL.
NCLT had directed ZEEL to carry a board assembly to contemplate Invesco’s request for convening an EGM.
Nonetheless, on October 1, ZEEL informed the exchanges that its board discovered the demand for a gathering in search of a recast of the board, together with the elimination of Goenka, to be “unlawful and invalid”.
On October 2, ZEEL mentioned it has moved the Bombay Excessive Court docket towards the requisition of minority shareholders Invesco and OFI International China Fund, to convene an EGM to debate numerous points, together with elimination of Managing Director Punit Goenka.