The National Company Law Appellate Tribunal (NCLAT) on Thursday instructed the National Company Law Tribunal (NCLT) to provide Zee Entertainment Enterprises Ltd (ZEEL) “reasonable and adequate time” to respond to Invesco’s petition to call a meeting of the company’s shareholders.
NCLAT observed that NCLT did not provide ZEEL with adequate time.
NCLAT further said that not giving sufficient time to ZEEL to file a reply is against the principles of natural justice.
The appellate tribunal said that ZEEL should have been given ample time to file its reply on the Invesco plea.
Commenting on the NCLAT order and hailing it, ZEEL’s 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 the laws of this nation will never let the takeover of ZEEL happen by Invesco,” Dr Chandra added.
Dr Subhash Chandra broke down while telling how he gave his blood and sweat to build a family channel like Zee TV.
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