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MUMBAI : A division bench of Bombay High Court has adjourned to Friday, the matter pertaining Invesco Developing Markets Fund’s petition wherein it requisitioned to Zee Entertainment Enterprises Ltd to hold an extraordinary general meeting.   

This comes after Invesco Developing Markets Fund and OFI Global China Fund moved the Bombay high court against single-judge bench Justice G.S. Patel’s October 2021 order. 

Justice Patel’s order restrained Invesco Developing Markets Fund and OFI Global China Fund from taking any action against Zee Entertainment Enterprises Ltd in a matter pertaining to a requisition for an extraordinary general meeting. 

The order also barred the global funds from calling and holding the meeting on their own for the time being.   

Today, while arguing the matter Aspi Chenoy, senior counsel for Zee Entertainment Enterprises Ltd, said that removal of Punit Goenka as the managing director and chief executive officer will lead to the media company finding itself in a “considerable jeopardy".  

Moreover, defending the basis of the case he also cited Section 430 of the Companies Act, that said “No civil court shall have jurisdiction to entertain any suit or proceeding in respect of any matter which the Tribunal or the Appellate Tribunal is empowered to determine by or under this Act or any other law for the time being in force and no injunction shall be granted by any court or other authority in respect of any action taken or to be taken in pursuance of any power conferred by or under this Act or any other law for the time being in force, by the Tribunal or the Appellate Tribunal." 

Essentially, the legal tussle between Zee and Invesco along with its affiliate OFI Global started when the latter requisitioned the company to hold an EGM to remove Punit Goenka , as the managing director, along with reconstitution of the media company’s board. 

The dispute started when Invesco and OFI Global China together moved the NCLT against Zee Entertainment Enterprises Ltd, requesting the tribunal to order an extraordinary general meeting of the company. 

Prior to that, on 11 September, the two global funds sent a EGM requisition letter, in which they reiterated the demand for an extraordinary general meeting to remove Goenka, as the MD, CEO and appoint six other additional directors on the board.  

On Oct 2, Zee then moved the high court in its plea to declare the requisition of Invesco as “illegal" and “invalid". 

Invesco and OFI Global China Fund, the largest shareholders in Zee, hold nearly 18% stake in the company. 

In the matter, both Zee and Invesco have been accusing each other of corporate significant governance lapses.   

Meanwhile, on Tuesday the National Company Law Appellate Tribunal which is also hearing the matter, has adjourned the case till 10 March.

 

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