Invesco asks NCLT to make ‘mandatory order’ directing Zee to call for EGM

Invesco Developing Markets Fund, which moved the National Company Law Tribunal (NCLT) against Zee Entertainment Enterprises for delay in holding an extraordinary general meeting (EGM), asked the tribunal on Monday to pass a “mandatory order” directing Zee to call for an EGM as requisitioned by it. Invesco also sought the appointment of a retired high court judge, under who chairmanship the EGM can be held. NCLT hearing in Zee Entertainment-Invesco matter has been pushed to Tuesday at 2:30 pm due to power failure.

On the other hand, Zee Entertainment Enterprises opposed the application moved by Invesco Developing Markets Fund and OFI Global China Fund LLC in the NCLT on jurisdiction grounds saying that the application moved by the two funds is not maintainable.