Latest News | Zee-Sony Merger: NCLAT Adjourns Hearing over IDBI, Axis Finance Plea to Oct 31

New Delhi, Oct 13 (PTI) The NCLAT on Friday adjourned the hearing to October 31 on pleas filed by IDBI Bank and Axis Finance against the merger of Zee Entertainment Enterprise with Culver Max Entertainment, formerly Sony Pictures Networks India.

The National Company Law Appellate Tribunal (NCLAT) did not issue notice over the petitions filed by the private lender and the non-banking financial company (NBFC).

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However, it said that Zee Entertainment Enterprise Ltd (ZEEL) may file a response to both petitions, if needed.

Both have challenged the August 10, 2023, order of the Mumbai bench of the National Company Law Tribunal (NCLT) to approve the merger.

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Earlier, the NCLT on August 10, 2023, approved the proposed merger, which would create the largest media entity in the country.

While approving the merger, the NCLT in its order, dismissed some applications moved by financial institutions opposing the move, including IDBI Trusteeship, IDBI Bank, Axis Finance, JC Flowers Asset Reconstruction Co and Imax Corp.

This was challenged by IDBI and Axis Finance before the NCLAT.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)