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NBL has till October 22 to respond to Invesco’s plea

New Delhi: The National Company Law Tribunal (NCLT) on Friday (October 8) has given Zee Entertainment Enterprises Ltd (NBL) time till October 22 to respond to a plea by its investor Invesco.

The NCLT order comes a day after the National Company Law Appellate Tribunal (NCLAT) directed Zeel to give reasonable time to respond to a plea seeking to convene a meeting of shareholders of the company.

The NCLAT, in its 15-page order, had held that the NCLT had not provided adequate facilities to Zeel. The appellate tribunal said in 15, “It is clear that the learned NCLT has erred in not giving proper and sufficient time to file the reply, which is in complete violation of Rule 37 of the NCLT Rules and the Principles of Natural Justice.” page order.

NBL had approached the NCLAT on 6 October, seeking quashing of the NCLT order, seeking a response from the entertainment company by 6 October. Reply,” the NCLAT added in the order.

A NBL spokesperson had earlier 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. Read also: Motorola Moto E40 launched with 90Hz LCD, 48MP main camera

While the NCLAT did not mention how much time should be given to NBL to respond, the NCLT has now asked NBL to file its reply by October 22. Read also: DA hike: Odisha government hikes dearness allowance of employees, pensioners by 11 per cent

By Naveen Bharat Staff

 

 

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