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NCLT asks Zee to reply to Invesco’s plea by October 22

Company Law Appellate Tribunal had on Thursday directed NCLT to grant more time to Zee to reply

The National Company Law Tribunal (NCLT) on Friday gave Zee Entertainment time till October 22 to file its reply to a plea by its minority shareholder Invesco, after appellate body NCLAT ordered the tribunal to give more time to Zee.

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The Mumbai bench of NCLT, comprising Bhaskara Pantula Mohan and Narendra Kumar Bhola, had earlier directed Zee to file its reply on October 7.

The NCLAT had on Thursday directed NCLT Mumbai to give reasonable opportunity to the media major to reply to Invesco's plea for holding a meeting of shareholders, and also remarked that the tribunal made an "error" by not providing sufficient response time.

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While the NCLT is hearing a petition filed by Invesco demanding convening of an extraordinary general meeting (EGM), Zee had approached the NCLAT seeking more time to reply to the petition.

The US-based investment firm had on September 30 moved a petition seeking convening of EGM for the removal of Zee MD and CEO Punit Goenka and reconstitution of the board with the appointment of six new directors.

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