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Business EconomyPosted at: Oct 7 2021 10:03PM


ZEEL gets relief from NCLAT, reasonable time to reply to Invesco plea

Mumbai/New Delhi, Oct 7 (UNI) In a respite to Zee Entertainment Enterprises Ltd (ZEEL) in the ongoing tussle with its shareholders Invesco and OFI Global China Fund, the National Company Law Appellate Tribunal (NCLAT) on Thursday directed the NCLT to provide 'reasonable and sufficient' opportunity to the company for filing reply to the petition seeking order to convene extraordinary general meeting (EGM).
In its order, the NCLAT said that NCLT has committed an error in not granting reasonable and sufficient time for filing a reply which is a complete violation of Rule 37 of NCLT Rules and Principles of Natural Justice.
"After hearing both the parties, the learned NCLT should proceed further," said the NCLAT disposing the appeal.
A ZEEL spokesperson said that the due process of the law grants everyone an opportunity to present their case.
"NCLAT has taken cognizance of our plea and has reinforced the principles of natural justice, granting us a reasonable opportunity to be heard. The Company will continue to take all the necessary steps that are in the best interests of all its shareholders and as per the applicable law,” the spokesperson said.

The two shareholders of ZEEL -- Invesco and OFI Global China Fund had earlier filed a petition in the NCLT seeking order to convene EGM of the company and also remove Chief Executive and Managing Director Punit Goenka.
The two shareholders also wanted reconstitution of the Board.
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Tags: #ZEEL gets relief from NCLAT# reasonable time to reply to Invesco plea
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