InvestorQ : What happens to the Zee / Invesco case, now that the court has given them more time?
Anjana Aiyar made post

What happens to the Zee / Invesco case, now that the court has given them more time?

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Khushi Patel answered.
2 months ago
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The case has been going through a complex chronology in the last few weeks. In the latest move, the National Company Law Appellate Tribunal or NCLAT has ordered that Zee Entertainment be given reasonable and sufficient time to file a response to Invesco’s plea for a special EGM for the removal of Punit Kumar from the helm of Zee and to appoint Invesco’s own 6 nominated directors. Earlier NCLT had asked Zee to respond in 36 hours.

The NCLAT has ruled that asking the company to respond in just 36 hours is against the principles of natural justice. Goenka had recused himself from the board meeting in which the directors had rejected Invesco’s EGM demand. Invesco with 17.88% stake in Zee felt that the erstwhile promoters were excising clout that was disproportionate to their 3.44% holdings. However, the battle for control of Zee continues for now.

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