HC starts hearing plea by Invesco against ZEE

The Bombay High Court on Monday began hearing in the application filed by the US investment company Invesco, which has challenged an order of the single-bench judge of the Bombay High Court in the matter against Zee Entertainment Enterprises (ZEE).

Invesco, which is the largest shareholder in ZEE, argued in front of the division bench of the high court that only the National Company Law Tribunal (NCLT) had a jurisdiction to decide on the merit when shareholders make a requisition to call for an extraordinary general meeting (EGM).

The investors have challenged the earlier injunction order passed by Justice GS Patel against Invesco, after hearing the petition filed by the entertainment company. "They (ZEE) have hijacked this case by filing a case in the high court. It is our case in the NCLT where we are seeking to call for an EGM through a valid requisition," argued Janak Dwarkadas, senior advocate appearing for the offshore shareholders. "You can't restrain from calling for such a meeting (EGM) which is a statutory right of the shareholders."


The injunction order had restrained the overseas shareholders from taking any action or step with regards to its requisition notice to ZEE, including calling or holding an EGM for the removal of managing director and chief executive Punit Goenka.