NCLT approves Zee-Sony merger
The court reportedly said the merger should not be held to ransom by the case pending with the Securities and Exchange Board of India
The National Company Law Tribunal (NCLT) has approved the merger of Zee Entertainment Enterprises with Culver Max Entertainment (earlier known as Sony Pictures Networks India).
The NCLT dismissed all objections, according to media reports said. The court reportedly said the merger should not be held ransom by the case pending in the Securities and Exchange Board of India (SEBI).
Sony and Zee decided to merge their television channels, film assets and streaming platforms in late 2021. However, the deal has been delayed due to reasons including a legal battle with lenders over loan defaults by a Zee group entity and reports that stock exchanges were reconsidering approvals for the merger.
