NCLT directs Zee Board to convene a meeting to consider Invesco’s request for EGM

The National Company Law Tribunal (NCLT) on Thursday directed Zee Entertainment Enterprises to hold a board meeting to consider Invesco’s request to convene an Extraordinary General Meeting (EGM). Hearing a petition by Invesco, a shareholder of Zee Entertainment, the tribunal also directed the company to appropriately inform the board’s decisions to the shareholders.

US-based Invesco had filed a petition seeking reconstitution of the board with the convening of the EGM, removal of the company’s chief executive and managing director Puneet Goenka as well as two other directors and appointment of six new directors. Mukul Rohatgi, representing Invesco, told the tribunal that Zee Entertainment was not being run as it should and new directors should be on the board to ensure the interests of shareholders.

Besides Goenka, Invesco has also sought the removal of two other directors Ashok Kurian and Manish Chokhani. According to Rohatgi, Invesco had requested for the EGM on 11 September and the communication was received by Zee Entertainment on 12 September. He also urged the tribunal to direct the company to conduct the EGM within 45 days.