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The Bombay High Court on Wednesday heard the petition filed by Zee Entertainment against Invesco's requisition to hold an extraordinary general meeting. Since the American investment firm was yet to file a reply to Zee's affidavit the Bombay High has asked Invesco to file their replies by October 20,202l. Subsequently, the court will hear the matter on October 21.
Filing suits in multiple courts
Amidst ongoing hearings between Invesco and Zee in the National Company Law Tribunal, the media company had filed a countersuit against Invesco in the Bombay High Court on October 1. Invesco counsel has accused Zee of pursuing ‘forum shopping’, filing suits in multiple courts to get a decision in their favour. Moreover, under Section 430 of the Companies Act, the Bombay High Court could be barred to decide on this matter since it is already being heard by the tribunal. However, Gopal Subramaniam raised a question to the Bombay High Court regarding whether NCLT is capable of deciding on the matter of illegality and invalidity of the requisition of an extraordinary general meeting by Invesco.
The American investment firm is requesting the EGM for the removal of promoter and MD, Punit Goenka, and has already dragged Zee to the NCLT in September to get the EGM enforced. The next date for the NCLT to hear on this matter is on October 22. Ahead of this Bombay High Court will hear on the matter and decide on October 21.
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