WHEN THE BOARDROOM BATTLE MOVES TO COURTROOM

Shadow of Bombay High Court likely on the proceedings at NCLT

Depending on whether the HC accepts or rejects the petition, that could impact the proceedings in the NCLT

Section 98 of the Companies Act gives the power to the NCLT to order an EGM

The tribunal could appoint a chairman to ensure impartiality in the conduct of the meeting

To safeguard its interests, Invesco could parallelly run an auction process for their shares, and sell to maximise gains

Legal experts are divided over implications of change in control if Invesco is able to effect sweeping changes in Zee board

Some – including the Zee group - believe any change in control could trigger open offers as per securities market regulations. Others argue an open offer only comes into play with presence of an acquirer Invesco could also adopt a more aggressive stand and directly call an EGM in the next few days. This is likely to be challenged by Zee group in the courts