Invesco moves NCLT over EGM; impulsive, premature, says ZEEL

Invesco Developing Markets Fund, a foreign portfolio investor in Zee Entertainment Enterprises Ltd (ZEEL), has moved the National Company Law Tribunal (NCLT) in an ongoing tussle with the media firm. The move comes after ZEEL failed to hold an EGM to seek shareholders’ nod to remove certain directors, including Punit Goenka.

At present, Goenka — son of Essel Group founder and chairman Subhash Chandra — is the chief executive and managing director at ZEEL. Further, the fund had sought induction of its nominees on ZEEL’s board. The petition, which has been listed with the NCLT Mumbai bench, is slated to come up for hearing on Thursday.