NCLAT completed the hearing on a petition filed by Zee Entertainment Enterprises Ltd seeking more time to reply to Invesco's demand for convening a shareholders' meeting.
Zee says Invesco did not seek CCI approval for naming six nominee directors on its board; lawyers say consent not required for less than 10% stake acquisition
Invesco must put its offer on the table and avoid any clandestine bid on Zee, says its Chairman Emeritus
The company is also calling for a stay on the proceedings in NCLT till the matter is decided in the appellate tribunal
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The comments show the battle between the company and its largest investors is set to worsen
Zee argues that Invesco's plea should be dismissed as the petition is seeking ad-interim relief as its final relief
The tribunal, on Tuesday, said it cannot give Zee Entertainment Enterprises 'weeks and weeks' of time for filing its reply
Zee says Invesco's plea is not maintainable; matter to be heard again on Tuesday
The Invesco vs the Goenkas saga will see a long-drawn-out court battle before shareholders get any chance to vote on any proposal by the management or Invesco
On September 30, NCLT directed Zee Entertainment Enterprises Ltd to hold a board meeting to consider Invesco's request for convening an EGM.
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Lawyers said how the high court treats Zee's civil suit for dismissal of Invesco's demand for an EGM would set tone for how legal battle would unfold in coming days
Companies should learn to deal with shareholder activism
Bankers say the options before Invesco are to sell its shares to any other rival TV network company and let the incoming shareholder make a counter-offer to the Zee-Sony transaction
Move premature; in process of taking required steps: Zee
ZEEL board has three weeks to call the EGM
Invesco said newly constituted board supported will be best suited to evaluate and oversee potential for strategic transactions like the one announced on September
Earlier in July, the company had raised a total round size of $600 million and brought in a marquee set of new investors, which took its valuation to $3 billion
Will support fund's stand, if well defined