In a major setback for Invesco, the National Company Law Appellate Tribunal (NCLAT) has stated that Zee Entertainment Enterprises Limited (ZEEL) was not given sufficient time by the National Company Law Tribunal (NCLT) to file its reply on Invesco plea, as per NCLAT order on Thursday, October 7, 2021.
Furthermore, NCLAT noted that ZEEL not getting sufficient time to file its reply is against the principles of natural justice.
It said that ZEEL should have been given adequate time by NCLT to file its reply to plea by Invesco.
Hailing the NCLAT order, a 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,” added the ZEEL spokesperson.
The NCLAT order comes a day after ZEEL founder Dr Subhash Chandra shared his thoughts on the matter in a conversation with Zee News Editor-in-Chief Sudhir Chaudhary yesterday on October 6 during the popular prime time news show DNA.
Questioning Invesco’s intentions and expressing skepticism about powers directing Invesco, Dr Chandra talked to ZEEL investors via the program. He 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 laws of this nation will never let takeover of ZEEL happen by Invesco,” Dr Chandra further added.
The ZEEL founder broke down while remembering what it took to create a family television channel like Zee TV.
