A Division Bench at The Bombay high court on Friday adjourned the hearing on Invesco‘s plea that challenged the injunction order by a single judge bench of the same court.

The bench of justices SJ Kathawala and Milind Jadhav posted the hearing of Invesco’s plea to November 29.

Invesco, the largest shareholder in

Enterprises (ZEE), had approached the court on Thursday to challenge the injunction order passed by justice GS Patel, in a petition filed by the entertainment company against the investor.

The injunction order had restrained the overseas investor from taking any action or step with regards to its requisition notice to ZEE, including calling or holding an extraordinary general meeting (EGM) for the removal of managing director and chief executive Punit Goenka.

Appearing for Invesco, senior counsel Janak Dwarkadas argued that the order passed by the single judge court at the interim stage will have a far-reaching consequence.

“The order has created three distinct set of companies within the Companies Act, those which are governed under the ministry of information and broadcasting (MIB), listed companies, and other companies,” argued Dwarkadas.

Invesco, through Invesco Developing Markets Fund and OFI Global China Fund LLC, owns 17.88% stake in ZEE. On September 11, the shareholder had sent a requisition notice to ZEE’s board, seeking an EGM of the shareholder to remove Goenka and two other directors, and induct six new independent directors of its choice.

After declining the requisition on October 1st, ZEE approached the high court and managed to get an injunction against the investor on October 26th.

Parallelly, the Mumbai-bench of the National Company Law Tribunal (NCLT), where Invesco has filed a petition seeking direction to ZEE to convene the EGM, adjourned the matter till November 16.