Mumbai: Zee Entertainment Enterprises Limited filed an appeal before the National Company Law Appellate Tribunal on Wednesday (NCLAT) in Delhi against an order of the National Company Law Tribunal (NCLT), Mumbai, which had directed it to file a counter-affidavit by Friday on a petition filed by its top investor invesco.
Zee said the time given by the NCLT was not sufficient to file a comprehensive reply and since the tribunal is expected to go ahead with the final hearing on Friday, it sought a stay on the proceedings in Mumbai till that his appeal is not heard and decided.
The matter is likely to be heard in the NCLAT on Thursday. The NCLT has also scheduled a hearing on the company’s plea in the post-lunch session on October 7.
NCLT gave instructions on 30 September zee entertainment To consider the September 11 notice for an Extraordinary General Meeting (EGM) formed by the two foreign funds, which together said they hold 18 per cent of Zee. EGM was sought to remove the CEO and Managing Director of Zee Puneet Goenka, and reconstitute the board by bringing in six more independent directors, as they said their powers could be affected. His counsel argued that if the shareholders meet the numerical and procedural requirements, as they have, the request to convene the EGM is valid.
Zee held a board meeting and rejected the demand citing legal loopholes. The matter is being heard by the NCLT, where Invesco said that its apprehensions were proved correct.
In his appeal before the NCLAT, zee said that even before the expiry of the statutory 21 days, Invesco had moved the NCLT to order the EGM. It said arguments were being made for “final relief at an interim stage” on Tuesday and it “strongly” opposed any relief and sought time to file a reply, saying “it was not a vanilla matter”. .
The appeal said that “instead the NCLT effectively granted an unrealistic time of 36 hours to file a reply in complete contravention of the principles of natural justice.”
Zee said the time given by the NCLT was not sufficient to file a comprehensive reply and since the tribunal is expected to go ahead with the final hearing on Friday, it sought a stay on the proceedings in Mumbai till that his appeal is not heard and decided.
The matter is likely to be heard in the NCLAT on Thursday. The NCLT has also scheduled a hearing on the company’s plea in the post-lunch session on October 7.
NCLT gave instructions on 30 September zee entertainment To consider the September 11 notice for an Extraordinary General Meeting (EGM) formed by the two foreign funds, which together said they hold 18 per cent of Zee. EGM was sought to remove the CEO and Managing Director of Zee Puneet Goenka, and reconstitute the board by bringing in six more independent directors, as they said their powers could be affected. His counsel argued that if the shareholders meet the numerical and procedural requirements, as they have, the request to convene the EGM is valid.
Zee held a board meeting and rejected the demand citing legal loopholes. The matter is being heard by the NCLT, where Invesco said that its apprehensions were proved correct.
In his appeal before the NCLAT, zee said that even before the expiry of the statutory 21 days, Invesco had moved the NCLT to order the EGM. It said arguments were being made for “final relief at an interim stage” on Tuesday and it “strongly” opposed any relief and sought time to file a reply, saying “it was not a vanilla matter”. .
The appeal said that “instead the NCLT effectively granted an unrealistic time of 36 hours to file a reply in complete contravention of the principles of natural justice.”
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