InvestorQ : What was the gist of the verdict by NCLT in the Zee – Invesco dispute?
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What was the gist of the verdict by NCLT in the Zee – Invesco dispute?

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sara Kunju answered.
2 months ago
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The NCLT gave its verdict in favour of Invesco Fund after listening to the counsels of both the parties present their case. In its verdict, the National Company Law Tribunal (NCLT) asked Zee Entertainment and its board to seriously consider the requisition of Invesco and OFI Global of China to conduct an EGM of shareholders of Zee Entertainment. Currently, Invesco and OFI Global jointly hold 18% in Zee Entertainment while promoters hold 3.44%.

NCLT bench has specifically highlighted that under Section 100 of the Companies Act 2013, the said company was obliged to summon an EGM if the requesting shareholders held more than 10% of the paid-up capital of the company. Invesco had called for the EGM to remove Punit Goenka and appoint 6 new directors. Then wanted EGM independent of the merger deal, as expounded by their counsel, Mukul Rohtagi as part of the hearing.

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