Invesco Developing Markets Fund vs Zee Entertainment Enterprises Limited

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2022 Supreme(Bom) 594

S. J. KATHAWALLA, MILIND N. JADHAV
Invesco Developing Markets Fund – Appellant
Versus
Zee Entertainment Enterprises Limited – Respondent

Advocates Appeared:
For the Appellants :Mr. Janak Dwarkadas, Senior Advocate with Mr. Ravi Kadam, Senior Advocate, Mr. Sharan Jagtiani, Senior Advocate, Mr. Somasekhar Sundaresan, Mr. Cyrus Ardeshir, Mr. Gaurav Mehta, Ms. Rishika Harish, Mr. Bhavik Mehta, Mr. Kingshuk Banerjee, Mr. Tomu Francis, Ms. Praktruti Joshi, Mr. Zacarias Joseph, Mr. Ritvik Kulkarni, Ms. Tikshata Modi i/by Dhruve Liladhar & Co.
For the Respondents:Mr. Aspi Chinoy, Senior Advocate with Mr. Navroz Seervai, Senior Advocate, Mr. Pesi Modi, Senior Advocate, Dr. Birendra Saraf, Senior Advocate, Mr. Zal Andhyarujina, Senior Advocates, Mr. Prateek Sakseria, Mr. Nitesh Jain, Mr. Atul Jain, Mr. Adrish Guha, Ms. Vatsala Kumar, Ms. Ritika Ajitsaria, Mr. Brihad Ralhan i/by Trilegal, Mr. Suhail Nathani, Ms. Mumtaz Bhalla, Mr. Manendra Singh, Mr. Chanakya Keswani, Mr. Neeraj Malik, Mr. Nausher Kohli, Ms. Maithili Parikh i/by Economic Laws Practice.

JUDGMENT :

S.J. Kathawalla, Milind N. Jadhav, JJ.

INTRODUCTION :

1. This Appeal impugns the judgment dated 26th October, 2021 passed by the Ld. Single Judge (“Impugned Judgment”). This Appeal is adjudicated under two sections viz. Section A and Section B. Section A pertains to the arguments and our decision on jurisdiction and whether or not the learned Single Judge was correct in restraining the shareholders of Zee Entertainment Enterprises Limited from calling for and holding an Extra Ordinary General Meeting as requisitioned by them. Section B pertains to the arguments and our decision on the alleged illegalities in the resolutions proposed under the aforesaid requisition. As set out hereinafter, we have ruled in favour of the Appellants in both sections.

FACTS

2. For adjudication of this Appeal, it would be necessary to set-out the following facts :

2.1 The Appellants collectively hold 17.88% of the total paid up share capital of Respondent No.1 / Zee Entertainment Enterprises Limited (“Zee”). Zee is a publicly listed Company.

2.2 On 11th September, 2021, the Appellants issued a Requisition (“Requisition”) to Zee in terms of Section 100(2)(a) of the Companies Act, 2013 (“Act”) calling

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2022 Supreme(Bom) 594

S. J. KATHAWALLA, MILIND N. JADHAVInvesco Developing Markets Fund – AppellantVersusZee Entertainment Enterprises Limited – Respondent

Cases Referred (3)

S. J. KATHAWALLA, MILIND N. JADHAV
Invesco Developing Markets Fund – Appellant
Versus
Zee Entertainment Enterprises Limited – Respondent