 "ZEEL moves NCLAT for more time to file reply to Invesco's plea")
Zee Entertainment Enterprises (ZEEL) has moved appellate tribunal National Company Law Appellate Tribunal (NCLAT) against National Company Law Tribunal (NCLT) order, which asked it to file a reply to Invesco’s application by October 7.
The company is seeking more time to file its reply in the matter and is also calling for a stay on the proceedings in NCLT till the matter is decided in the appellate tribunal.
“The company (ZEEL) has moved NCLAT in accordance with the due process available under the law. It has also filed a suit in the Bombay High Court to declare that the requisition notice sent by Invesco Developing Markets Fund and OFI Global China Fund LLC is invalid,” a spokesperson said.
“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,” he added. The matter may come up for hearing on Thursday.
The Mumbai bench of the NCLT, on Tuesday, had given time till October 7 to ZEEL to file its reply to Invesco’s application asking the tribunal to direct the company to hold an EGM.
ZEEL had argued that it should be given enough time to reply to the application because it was under the impression that the arguments put forth by Invesco were for an ad-interim relief and not for final disposal of the matter.
But the NCLT said the matter of the dispute is simple: Whether the EGM requisition is valid or not and it cannot give ZEEL “weeks and weeks” of time for filing its reply. “Orders cannot be passed with an opportunity of filing a counter... and we are of the view that minimum opportunity time should be given,” the tribunal, comprising Bhaskara Pantula Mohan and Narendra Kumar Bhola, said in an oral order.
The company is seeking more time to file its reply in the matter and is also calling for a stay on the proceedings in NCLT till the matter is decided in the appellate tribunal.
“The company (ZEEL) has moved NCLAT in accordance with the due process available under the law. It has also filed a suit in the Bombay High Court to declare that the requisition notice sent by Invesco Developing Markets Fund and OFI Global China Fund LLC is invalid,” a spokesperson said.
“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,” he added. The matter may come up for hearing on Thursday.
The Mumbai bench of the NCLT, on Tuesday, had given time till October 7 to ZEEL to file its reply to Invesco’s application asking the tribunal to direct the company to hold an EGM.
ZEEL had argued that it should be given enough time to reply to the application because it was under the impression that the arguments put forth by Invesco were for an ad-interim relief and not for final disposal of the matter.
But the NCLT said the matter of the dispute is simple: Whether the EGM requisition is valid or not and it cannot give ZEEL “weeks and weeks” of time for filing its reply. “Orders cannot be passed with an opportunity of filing a counter... and we are of the view that minimum opportunity time should be given,” the tribunal, comprising Bhaskara Pantula Mohan and Narendra Kumar Bhola, said in an oral order.
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