National Company Law Appellate Tribunal (NCLAT) has directed National Company Law Tribunal (NCLT) to grant more time to Zee Entertainment and its directors to file their reply to a plea by Invesco Developing Markets Fund for an extraordinary general meeting (EGM).
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Hearing Zee's petition against the NCLT order that asked it to respond by October 7 on the plea of shareholders Invesco and OFI Global, the Appellate Tribunal on Thursday observed that NCLT has committed an error by not granting Zee reasonable and sufficient time for filing a reply and termed it a violation of principles of natural justice.
"NCLT has committed an error in not granting reasonable and sufficient time for filing a reply, which is a complete violation of Rule 37 of NCLT Rules and Principles of Natural Justice," the order said.
The Mumbai Bench of NCLT had on September 30 directed Zee board to call EGM, as sought by shareholder Invesco, under Section 100 of the Companies Act, 2013.
The next day, Zee conveyed its inability to Invesco to convene the EGM, stating that the requisition notice is "invalid and illegal" and filed a lawsuit in Bombay High Court to declare that the requisition notice sent by Invesco Developing Markets Fund and OFI Global China Fund LLC is invalid.
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