MUMBAI: The National Company Law Tribunal (NCLT) on Thursday directed Zee Entertainment Enterprises (ZEEL) to hold a board meeting to consider its shareholder Invesco Developing Market Funds (Invesco) for convening an Extraordinary General Meeting (EGM) for discussing various issues. 

US-based Invesco, which along with OFI Global China Fund LLC holds a 17.88 per cent stake in ZEEL had moved a petition on Wednesday, seeking convening of the EGM, removing the company’s MD and CEO Punit Goenka and reconstituting the board with the appointment of six new directors. 

Directing ZEEL to convene the board meeting, a two-member Mumbai bench of the tribunal, headed by its acting President Bhaskara Pantula Mohan, also asked the company to communicate the board’s decisions appropriately to the shareholders. The matter will be heard next on October 4. 

A ZEEL spokesperson said that the board of the company was scheduled to meet according to the statutory time allotted in relation to the matter. "The company will continue to take all the actions needed in the interest of the shareholders and as per law," the spokesperson said.

Representing Invesco, Mukul Rohatgi told the tribunal that ZEEL was not being run as it should be and that the new directors should be on the board to ensure the interest of the shareholders. 

According to Rohatgi, Invesco had requisitioned for EGM on September 11, and the communication was received by ZEEL on September 12. He also urged the tribunal to direct the company to hold the EGM within 45 days. 

On September 22, ZEEL and Sony Pictures Networks India (SPNI) had announced their merger, which will create the country’s largest media company.