Current context: NCLT has given two months to the hospitality company Hotel Leelaventure to comply with the latest SEBI directives.
a. Statutory body
b. Constitutional body
c. Quasi-judicial body
d. State regulatory
- The NCLT has asked the company to make additional disclosures to shareholders for proceeding with its sale to Brookfield for Rs 3,950 crore.
- Company’s counsel, Ashish Pyasi of Dhir & Dhir Associates, tendered a copy of the new SEBI order and has asked for two months to comply with the same.
- Also, he has to disclose the proceeding transaction of Rs 3950 with Brookfield for 4 properties of the premium hotel chain.
- The NCLT adjourned the matter to 27th September 2019, granting eight weeks’ time to the company.
- The NCLT also warned JM Financial ARC (creditor with 26% shares) of adjudication proceedings against it for failing to comply with takeover norms.
- SEBI directed the company to provide additional disclosures in the postal ballot notice, including all relevant details of the sale transactions.
- NCLT is a quasi-judicial body established on 1st June 2016 under the Companies Act,2013 based on the recommendation of the Justice Eradi Committee to adjudicate issues relating to Indian Companies mainly for insolvency resolution process of companies.
Question:
Q.1 The National Company Law Tribunal (NCLT) is a _____a. Statutory body
b. Constitutional body
c. Quasi-judicial body
d. State regulatory
