The division bench of the Bombay High Court headed by Justice SJ Kathawalla and Milind Jadhav has kept the Zee Entertainment and Invesco matter for further hearing on December 6.
Invesco has challenged the order by single judge order of Bombay High Court that restrained Invesco and OFI Global China Fund from taking any action in furtherance of their requisition notice to Zee to hold an extraordinary general meeting (EGM).
Senior counsel Janak Dwarkadas appearing for Invesco has been arguing that shareholders holding 10 percent or more of the paid-up share capital are entitled to demand for an EGM and that this is a paramount right of shareholder in corporate democracy. He said that the single judge order takes away the democratic rights of the shareholders.
On November 29, he had said that the Bombay High Court bench had earlier suggested that even a single shareholder can block a requisition if he feels it is invalid.
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