New Delhi: In a major setback to the Oppenhiemer-backed Invesco, the National Company Law Appellate Tribunal (NCLAT) in its order on Thursday said that the National Company Law Tribunal has not given sufficient time to Zee Entertainment Enterprises Limited (ZEEL) to file its reply on Invesco plea. NCLAT also said that not giving sufficient time to ZEEL to file a reply is against the principles of natural justice.
In its order, NCLAT said the NCLT has committed an error by not granting reasonable and sufficient time for filing a reply, which is a complete violation of NCLT rules and principles of natural justice. “Therefore, in the circumstances, we are of the opinion that reasonable and sufficient opportunity should be given to Zee or filing a reply and after hearing both the parties, the NCLT should proceed further,” NCLAT said in its order.
Welcoming the NCLAT order, ZEEL spokesperson, said, “The decision of the National Company Law Appellate Tribunal (NCLAT) today, justifies our complete faith in the Indian judicial system.”
“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,” he further added.
ZEEL Founder Subhash Chandra Speaks On ZEEL-SONY Merger & Invesco’s Nefarious Motives
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.
Dr Subhash Chandra, while speaking about Invesco’s nefarious agenda, asserted that 2.5 lakh shareholders and 90 crore viewers are the real owners of the company, not Invesco. Hitting out at the ‘China-backed’ investor, Dr Chandra said that they (Invesco) are trying to take control of the company by exploiting legal loopholes.
“This is a clearcut case of company takeover in a clandestine manner, which is not legal. You (Invesco) are 18% shareholder, but not the owner,” Dr Chandra said. Furthermore, he asked the Securities and Exchange Board of India (SEBI) to take cognisance of the matter.
Dr Chandra also broke into tears while recalling the journey of Zee TV. “It was destiny. It was just meant to be. And that’s how Zee happened. People gave Zee meaning. I could not repeat the feat today, even if I want to. Several mistakes were made along the way and we have paid for it. I was even shown black badges, offered a garland of shoes.
But I have welcomed them all positively”, he said, dismissing all the allegations that several media houses have been publishing since the mega-merger of the ZEEL-Sony Pictures.
The Board of Directors of Zee Entertainment Enterprises Limited (ZEEL) present and voting in its board meeting held on 21st September 2021, unanimously provided in-principle approval for the merger between Sony Pictures Networks India (SPNI) and ZEEL. The Board had concluded that the merger will be in the best interest of all the shareholders and stakeholders.
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