InvestorQ : What is the latest on the Zee Invesco battle for the board?
Anamika Sodhani made post

What is the latest on the Zee Invesco battle for the board?

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Angel dcosta answered.
1 month ago
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You can say it is a temporary reprieve for Zee Entertainment from the NCLT Appellate Tribunal (NCLAT). Zee had approached the NCLAT after the NCLT had given just 36 hours to Zee Entertainment to file a reply to the Invesco demand for summoning an EGM. NCLAT noted that 36 hours was too short a time for a calibrated response and they should be given a longer time to respond. The matter comes up for hearing on 08-October.

Invesco and OFI Global China Fund had called for an EGM to seek the removal of Punit Goenka who is the MD and CEO. Instead, Invesco wanted to nominate 6 of its own directors to the board and look at the Sony Pictures merger deal afresh. NCLAT order pointed that NCLT had committed an error by not giving enough time to Zee to file a reply. This was against natural justice as the norm is to give 90 days-time to file a reply.

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