Zee-Invesco tussle: NCLT adjourns case to November 16

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October 28, 2021 6:30 AM

The Mumbai bench of the NCLT, which heard the case again on Wednesday, adjourned it to November 16 for directions. The tribunal had earlier adjourned the case as it wanted to hear the Bombay HC’s ruling in the matter.

The bench, headed by Suchitra Kanuparthi and Anuradha Bhatia, also gave the direct-to-home service provider, in which Yes Bank holds a 25.63% stake, time till November 15 to file its response.The bench, headed by Suchitra Kanuparthi and Anuradha Bhatia, also gave the direct-to-home service provider, in which Yes Bank holds a 25.63% stake, time till November 15 to file its response.

Invesco Developing Markets Fund, the largest investor in Zee Entertainment Enterprises (ZEEL), is likely to file an appeal against the Bombay High Court’s injunction that restrains the company from convening an extraordinary general meeting (EGM).

“Probably we will be going in for an appeal and in case of any development, we will inform the court,” Janak Dwarkadas, counsel for both Invesco and its subsidiary OFI Global China Fund, informed the National Company Law Tribunal’s (NCLT) Mumbai bench on Wednesday. However, Dwarkadas did not provide any further details.

The Mumbai bench of the NCLT, which heard the case again on Wednesday, adjourned it to November 16 for directions. The tribunal had earlier adjourned the case as it wanted to hear the Bombay HC’s ruling in the matter.

“The options before Invesco are to move the division bench of the Mumbai High Court, which is a higher bench. In case of the division bench also turning down the plea, then Invesco can move the Supreme Court,” Krishnava Dutt, managing partner at law firm Argus Partners said. Separately, another bench of the NCLT Mumbai adjourned a petition filed by Yes Bank against Dish TV India to November 23.

The bench, headed by Suchitra Kanuparthi and Anuradha Bhatia, also gave the direct-to-home service provider, in which Yes Bank holds a 25.63% stake, time till November 15 to file its response.

Yes Bank had sought direction from the tribunal after Dish TV’s board on October 13 expressed its inability to convene an EGM as requisitioned by the lender.

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