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Monday, October 18, 2021

Zee Entertainment moves NCLAT, seeks time to reply

The company has also sought stay of proceedings at the NCLT, till the NCLAT gives its final order.

By: PTI | New Delhi |
Updated: October 7, 2021 4:15:32 am
zeeInvesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) along with OFI Global China Fund LLC hold 17.88 per cent stake in ZEEL.

Zee Entertainment Enterprises (ZEEL) on Wednesday moved the National Company Law Appellate Tribunal (NCLAT) seeking “more time” to file its reply with regard to the petition filed by its shareholder Invesco Developing Market Funds for convening the extraordinary general meeting of the company (EGM).

The company has also sought stay of proceedings at the NCLT, till the NCLAT gives its final order. The petition is likely to come up for hearing before the NCLAT on Thursday. The move follows a direction by the National Company Law Tribunal (NCLT) on Tuesday asking ZEEL to file its reply within two days, meaning by October 7.

Takeover attempt, says Subhash Chandra

Zee Chairman Emeritus Subhash Chandra on Wednesday asked minority shareholder Invesco to make an open offer and take over the company if it wants.

“Don’t be adamant on calling EGM,” Chandra said in an interaction with Zee News. Terming it as an “illegal step being taken by Invesco”, he added: “This is insider trading, and a takeover.” “You are an 18 per cent shareholder but not the owner, you need to follow the laws of the country. Make an open offer to 75 per cent shareholders and take over the company if you want,” he asserted.—FE with PTI

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