NCLT issues notice on Zee's merger plea: Report
The case will be taken up on March 12, according to a news report
The National Company Law Tribunal's Mumbai bench has reportedly issued a notice on Zee's plea seeking the implementation of its merger with Sony. The case will be taken up on March 12, says a news report.
The tribunal has combined the plea with that of Zee's shareholder Mad Man Film Ventures, which is considered as a proxy for Zee. The firm had approached NCLT seeking the fulfilment of the merger between Zee and Sony.
Culver Max (formerly Sony Pictures Network India) and Bangla Entertainment (BELP) have been notified, asking them to file a response to Zee's application.
Sony Group earlier expressed disappointment after the Singapore International Arbitration Centre (SIAC) denied its plea to restrain Zee Entertainment Enterprises Ltd (ZEEL) from approaching NCLT to enforce the merger that was called off.
In a statement, Sony said, “We are disappointed in the decision by the Singapore International Arbitration Centre (SIAC). This decision is only a procedural one, ruling only as to whether Zee Entertainment would be permitted to pursue its application with the NCLT.”
