NCLT adjourns hearing on Zee-Invesco matter to Oct 8

The bench told ZEEL's counsel that they have all the time to appeal before NCLAT that would have required hundreds of pages but did not have the time to reply with 3-4 pages before the NCLT

The National Company Law Tribunal (NCLT) on Thursday adjourned the hearing on Invesco's petition seeking convening of shareholders' meet by Zee Entertainment Enterprises Ltd (ZEEL), saying it will wait for the appellate tribunal's order related to the matter.

The hearing was adjourned for Friday little over an hour after the National Company Law Appellate Tribunal (NCLAT) said it will pass an order later in the day in connection with the matter.

While the NCLT is hearing a petition filed by Invesco demanding convening of an Extraordinary General Meeting (EGM) of ZEEL, the company has moved the NCLAT seeking more time reply to the petition. ZEEL moved the appellate tribunal after the NCLT on October 5 (Tuesday) directed the company to reply to Invesco's petition by October 7 (Thursday).

The petition was filed by Invesco along with OFI Global China Fund.

After concluding the hearing on ZEEL's petition seeking more time to respond to Invesco, the NCLAT on Thursday said it will pass the order later in the day.

Little over an hour later, the NCLT bench started the scheduled hearing on Zee-Invesco matter and adjourned the proceedings for Friday.

"Let us respect the NCLAT and we will hear the matter tomorrow," the NCLT Mumbai bench, comprising Bhaskara Pantula Mohan and Narendra Kumar Bhola, said.

The bench told ZEEL's senior counsel Navroj Seervai that they have all the time to appeal before the appellate court that would have required hundreds of pages but did not have the time to reply with 3-4 pages before the NCLT.

"I remember you (counsel) during the course of argument saying we don't give time which should be concluded that we have made up our mind... anyway we should respect the appellate court's order and will have the matter for hearing tomorrow," the bench said.

On September 30, US-based Invesco moved the petition seeking convening of the EGM, removing the company's Chief Executive and Managing Director Punit Goenka as well as two other directors, and reconstituting the board with the appointment of six new directors.

Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) along with OFI Global China Fund LLC have a 17.88 per cent stake in ZEEL.

on October 1, ZEEL said its board found the demand for a meeting seeking a recast of the board, including the removal of Goenka, to be "illegal and invalid".

The next day, on October 2, ZEEL said it has moved the Bombay High Court against the requisition of the minority shareholders.