New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Thursday directed the National Company Law Tribunal (NCLT) to respond to Zee Entertainment Enterprises Ltd (ZEEL)’s plea to convene a meeting of Invesco “reasonably and adequately”. Opportunity”. Company’s shareholders. NCLAT noted that due time was not given to ZEEL by NCLT.
A ZEEL spokesperson said that the company has full faith in the Indian judicial system and will take all necessary steps in the interest of all its shareholders.
In the 15-page order, the appellate tribunal said the NCLT made an “error” by not giving ZEEL a reasonable time to respond to Invesco’s plea.
The two-member NCLAT bench observed that this is a complete violation of NCLT rules and principles of natural justice and directed the Mumbai bench of NCLT to proceed after hearing both the sides.
The appellate tribunal said in the order, “… We are of the opinion that a reasonable and adequate opportunity should be given to the appellants to file their reply.”
A two-member NCLAT bench of Justices Jarat K Jain and Alok Srivastava said, “After hearing both the sides, the learned NCLT should proceed. The appeal is disposed of accordingly.”
However, the NCLAT did not specify how much time should be given to ZEEL to submit its reply.
The order comes on a petition filed by ZEEL seeking more time to file a reply to the demand of the shareholders – Invesco and OFI Global China Fund – to convene an Extraordinary General Meeting (EGM).
OFI Global China Fund LLC along with Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) holds 17.88 percent stake in ZEEL. Read also: TVS Jupiter 125cc launched to rival Honda Activa, Suzuki Access 125: Price, Features & more
The shareholders have filed a petition before the NCLT seeking holding of the EGM, removal of the company’s chief executive and managing director Puneet Goenka as well as two other directors and reconstitution of the board with the appointment of six new directors. Read also: Paytm LPG Booking Offers: Get Free Gold, Cashback On Buying LPG Cylinders, Here’s How
– With PTI inputs.
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