Zee’s Subhash Chandra repayment plan back to NCLT after no majority verdict

The repayment plan proposed by Zee Group founder Subhash Chandra faces another round of scrutiny after the original National Company Law Tribunal (NCLT) bench held that no majority view had emerged on the proposal. It said third member Nilesh Sharma’s opinion differed materially from the views of the two members of the original bench.

NCLT has on Monday referred the matter to its president under Section 419(5) of the Companies Act, 2013, who has formed a five-member special bench to decide the issue. The development means Sharma’s August 25 opinion in favour of approving the repayment plan did not translate into a final approval order.