NCLAT gives more time to Zee to file reply to Invesco’s plea for EGM

In a reprieve to Zee Entertainment, the National Company Law Appellate Tribunal (NCLAT) has given more time to the company and its directors to file their response to an extraordinary general meeting (EGM) sought by one of its largest shareholders, Invesco and OFI Global China Fund.

Oppenhiemer-backed Invesco, which has 18 per cent stake in Zee, has asked the company to call an EGM to remove the present MD and CEO Punit Goenka and appoint six of its nominees on the board. The Zee board has rejected the EGM requisition, leading to a court battle initiated by Invesco. The Goenka family, which owns 4 per cent stake in the company, are fighting back and have asked the Centre to investigate Invesco’s credentials.