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.