Top headlines: NCLT gives Zee Oct 3 deadline; Ola Electric raises $200 mn

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NCLT directs Zee board to consider Invesco’s requisition for EGM

The National Company Law Tribunal (NCLT) on Thursday asked Zee Entertainment and its board to consider the requisition of Invesco Developing Markets Fund and OFI Global China Fund LLC, who hold 18 per cent stake in the company, to hold an extraordinary general meeting (EGM) of the company.

The bench of Bhaskar Pantula Mohan and Chandra Bhan Singh has also asked the company and its board to comply with Section 100 of the Companies Act, 2013, which says that the board of a company shall, at the requisition made by shareholders with more than one-tenth of the paid-up share capital of the company, call an EGM of the company. The matter will be next heard on October 4. Read more

Ola Electric raises over $200 mn funding, valuation touches $3 bn

Ola Electric on Thursday said it has raised over USD 200 million (about Rs 1,484.7 crore) in funding from Falcon Edge, SoftBank and others, valuing the electric vehicle maker at USD 3 billion (about Rs 22,272 crore).

Ola will accelerate development of other vehicle platforms including electric motorbike, mass market scooter and its electric car, a statement said. Read more

Govt’s fiscal deficit at 31.1% of Budget Estimate till Aug, an 18-year low

The Centre’s fiscal deficit as a proportion of the Budget Estimates fell to an 18-year low of 31.1 per cent in the first five months of the current financial year.

This was despite a year-on-year spike in expenditure in August, after falling in the previous month. Read more

Won’t join BJP, but no intention to continue in Congress either: Amarinder

Former Punjab chief minister Amarinder Singh on Thursday scotched speculation of his joining BJP but said he will quit the Congress, which he asserted was going downhill with senior leaders being ignored.

A day after meeting Home Minister Amit Shah which triggered speculation of his joining the BJP, Singh said he would leave the Congress as he had been “utterly humiliated” and was not trusted. Read more

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