In a significant step, the National Company Law Tribunal (NCLT) has granted time to Zee Entertainment Enterprises Limited (ZEEL) till October 22nd to file its response to the Invesco case.
The development comes a day after the National Company Law Appellate Tribunal (NCLAT) ruled that the National Company Law Tribunal (NCLT) did not allow Zee Entertainment Enterprises Limited (ZEEL) enough time to respond to Invesco’s petition.
NCLAT went on to say that not providing ZEEL enough time to file a response is a violation of natural justice principles.
The appeal tribunal ruled that ZEEL should have been given more time to respond to Invesco’s request.
Commenting on the NCLAT order and hailing it, ZEEL spokesperson said, “The decision of the National Company Law Appellate Tribunal (NCLAT) today, justifies our complete faith in the Indian judicial system.”
The ZEEL spokesperson added, “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.”
Earlier, the founder of Zee Entertainment Enterprises Limited (ZEEL), Dr Subhash Chandra, on Wednesday spoke to Zee News Editor-in-Chief Sudhir Chaudhary on the most popular news programme, DNA, on the matter of ZEEL and Invesco.
Slamming Invesco and people hidden behind Invesco and issuing directions to the investor, Dr Subhash Chandra said, “Invesco is trying to take over ZEEL by illegal means. This is very wrong. I don’t know if China is trying to do this but this won’t happen at any cost. “
“The government of this country and laws of this nation will never let take over of ZEEL happen by Invesco,” Dr Chandra added.
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