NCLT asks Zee Entertainment to file reply to Invesco plea by October 22
The National Company Law Tribunal (NCLT) Mumbai bench directed Zee Entertainment Enterprises Ltd (ZEEL) to file its reply by October 22 to a petition moved by Invesco Developing Markets Funds.
Invesco, the largest shareholder of ZEE, seeks to remove the current MD and CEO, Punit Goenka and appoint six of its directors on the company's board.
The NCLT further said that Invesco can also decide to file a rejoinder to ZEEL’s reply on the same date. The move follows a National Company Law Appellate Tribunal (NCLAT) order on Thursday that granted ZEEL more time to file its reply.
In its order, the appellate tribunal had said it was an error on the part of NCLT not granting “reasonable and sufficient time” for filing the reply.