Zee Entertainment Enterprises Ltd. (ZEEL) yesterday (October 6) approached the appellate tribunal, seeking a stay on a lower court’s order which had set an October 7 deadline for the company to reply to a petition filed by its shareholder, Invesco. ZEEL said, it needed more time to file a “comprehensive response” before the National Company Law Tribunal (NCLT) and hence was approaching the higher forum. The National Company Law Appellate Tribunal (NCLAT) will hear the matter today (October 7).
In its appeal, ZEEL said that the NCLT proceedings relating to Invesco’s petition should be stayed till the appellate tribunal had decided on its request. ZEEL and Invesco Oppenheimer Developing Markets Fund, which alongwith OFI Global China Fund, holds around 18% shares of ZEEL, have been at loggerheads ever since Invesco last month requisitioned the Board to convene an extraordinary general meeting (EGM) to oust three directors including Managing Director and CEO Punit Goenka. Two of those directors, Ashok Kurien and Manish Chokhani, resigned soon thereafter.
Separately, ZEEL has filed a civil suit in the Bombay high court, asking it to declare Invesco’s request invalid on grounds that it suffered from multiple legal infirmities.