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A merger deal between Japan's Sony group's Indian arm (Culver Max Entertainment) and Zee Entertainment Enterprises that will create a $10 billion media giant faces obstacles. The merger's deadline, originally set for December 21, 2023, may be delayed by several months as Zee requests Sony for an extension. The merger deal was inked on December 22, 2021.
NCLAT has declined a stay order on the Zee Entertainment Enterprises Limited (ZEEL) and Sony merger. Zee's shares surged, hitting Rs 286.50, rising 1.6% on BSE Sensex at 70,980. The National Company Law Appellate Tribunal (NCLAT) issued a notice for a hearing on January 8 regarding the challenge against the merger by IDBI Bank and Axis Finance, objecting to the NCLT's August 10, 2023, approval order.
The National Company Law Appellate Tribunal on Friday declined to grant a stay on the merger between Zee Entertainment Enterprises Ltd. and Sony India Pvt. Axis Finance Ltd. and IDBI Bank Ltd. had contested the merger, and the NCLAT has issued notices in response to their pleas, scheduling the case for a hearing on Jan. 8, 2024.
The Zee-Sony merger was approved by National Company Law Tribunal (NCLT) on August 10 this year, dismissing objections from various creditors to Zee.
It has challenged the NCLT's August 10 approval for the merger.