Bombay HC to continue hearing in Zee-Invesco case today

In October, Invesco, the largest investor in Zee Entertainment Enterprises (ZEEL), had filed an ordinary suit challenging a Bombay HC injunction order that restrained the company from convening an extraordinary general meeting (EGM). The suit had first come up for hearing on October 29.

Dish TV is a part of Essel Group and is run by Jawahar Lal Goel, Zee group patriarch Subhash Chandra’s brother.
Dish TV is a part of Essel Group and is run by Jawahar Lal Goel, Zee group patriarch Subhash Chandra’s brother.

A division bench of the Bombay High Court said on Monday it will continue hearing the suit filed by Invesco Developing Markets Fund, challenging an injunction order by the court, on Tuesday.

In October, Invesco, the largest investor in Zee Entertainment Enterprises (ZEEL), had filed an ordinary suit challenging a Bombay HC injunction order that restrained the company from convening an extraordinary general meeting (EGM). The suit had first come up for hearing on October 29.

Senior advocate Janak Dwarkadas appeared for Invesco and its subsidiary OFI Global China Fund, which together hold a 17.88% stake in ZEEL. On September 11, Invesco had issued a requisition letter asking ZEEL’s board to hold an EGM to evict certain directors, including chief executive officer and managing director Punit Goenka. ZEEL had rejected the request citing “legal infirmities” and on October 2 moved the HC asking it to declare the requisition “illegal”.

In a separate development, the Supreme Court on Monday agreed to hear a petition filed by Yes Bank, also on Tuesday. Yes Bank had moved the apex court after the Allahabad High Court dismissed its petition against Uttar Pradesh Crime Branch’s decision to freeze the shares the lender holds in Dish TV India.

On November 9, Yes Bank had moved Allahabad High Court following a November 5 notice issued by crime branch, Gautam Buddh Nagar, restricting Yes Bank from dealing in about 445.35 million shares it holds in Dish TV.

Last week, the HC dismissed Yes Bank’s petition saying there were alternate options available for de-freezing the shares and the lender should exercise these options first.

Dish TV is a part of Essel Group and is run by Jawahar Lal Goel, Zee group patriarch Subhash Chandra’s brother.

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