Business Standard

NCLT admits RBI'S petition against Srei


The National Company Law Tribunal, Kolkata Bench, admitted an applicatio­n filed by the RBI for initiating insolvency proceeding­s against Srei Infrastruc­ture Finance and Srei Equipment Finance. Rajneesh Sharma has been appointed administra­tor, but the order was not uploaded till the time of going to press.

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.

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