Big jolt to Invesco! NCLAT directs NCLT to give reasonable time to ZEEL to respond
Zee News
A ZEEL spokesperson said that the company continues to have full faith in the Indian judicial system and will take all the necessary steps that are in the best interests of all its shareholders.
New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Thursday directed the National Company Law Tribunal (NCLT) to provide "reasonable and sufficient opportunity" to Zee Entertainment Enterprises Ltd (ZEEL) to reply to Invesco's plea seeking to convene a meeting of the company's shareholders. NCLAT noted that reasonable time wasn’t granted to ZEEL by NCLT.
A ZEEL spokesperson said that the company continues to have full faith in the Indian judicial system and will take all the necessary steps that are in the best interests of all its shareholders.
In a 15-page order, the appellate tribunal said the NCLT committed an "error" by not granting reasonable time to ZEEL to reply to Invesco's plea.
