Page 22 - Essel Group News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Agreeing to hear a petition filed by IDBI Trusteeship Services Ltd against an order from the National Company Law Appellate Tribunal (NCLAT) rejecting an insolvency plea against Essel group companies, the Supreme Court issued notices to Cyquator Media Services and Direct Media Distribution Ventures. Cyquator Media Services is a promoter group company of Zee Entertainment Enterprises Ltd (ZEEL).

The merger faces another hurdle as the trusteeship company has lodged an appeal at the NCLAT against the Essel Group chairperson.

The appeal challenges the order of NCLT, Mumbai rejecting its claim and giving a go ahead to the merger of media giants Zee Entertainment Enterprises Limited and Sony. The NCLT had rejected IDBI trusteeship's objection to the merger

Both parties want their respective chiefs -- namely NP Singh, MD & CEO of Sony India, and Punit Goenka, MD & CEO of ZEEL, to helm the merged media company. The disagreement has stalled development even as the December 21 deadline looms.

SAT has set aside Sebi’s interim order barring Subhash Chandra and Punit Goenka. It’s over now to the regulator if it wishes to pursue the case