National Company Law Tribunal (NCLT) must make a mandatory order on Extraordinary general meeting (EGM) being called, said senior advocate Mukul Rohatgi, who was representing Invesco Developing Markets in the NCLT hearing.

Share Market Live

NSE

"Our apprehension around Zee Ent not calling an EGM has come true. We are not concerned with the outcome of EGM, but only about the EGM being called,"he said.

"Zee won't give contacts of retail shareholders required to call EGM," he added.

Rohatgi further said that Zee is bound to call the requisition and the meeting.

"They are thinking that they have a right to sit over my requisition and decide when or whether what I wish is correct or not, the error is that they are bound to call the requisition, and the meeting. It is for the shareholders to decide how to go and deal with my proposals in the requisition", he said.

The senior advocate also mentioned that a retired judge of the High Court has been appointed to chair the EGM. He added that Zee is not giving contact details of shareholders required to call the EGM.

"There are more than 2.5 lakh retail shareholders. Not possible in a reasonable way for shareholders to call EGM. Zee won't give contacts detail of shareholders required to call EGM", he said.

Days after the NCLT asked Zee's board to consider Invesco Developing Markets Fund and OFI Global China Fund LLC’s request for an EGM, ZEEL filed a suit before the Bombay High Court requesting it to declare shareholders Invesco Developing Markets Fund and OFI Global China Fund LLC’s requisition to hold an extraordinary meeting (EGM) illegal and invalid.

The announcement, via a letter sent to the Bombay Stock Exchange and National Stock Exchange, came a day after the media firm refused to hold an EGM sought by the two shareholders to pass a resolution to remove Zee’s managing director and CEO Punit Goenka and appoint new independent directors earlier in September.

Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) along with OFI Global China Fund LLC holds a 17.88 percent stake in ZEEL.

First Published:Oct 4, 2021 3:50 PM IST