Zee-Sony merger: NCLT issues notice to Sony
ZEEL shareholder Mad Men Film Ventures filed a petition on Tuesday seeking that both ZEEL and Sony complete the merger
The National Company Law Tribunal (NCLT) on Tuesday accepted the ZEEL shareholder's petition and issued a notice to Culver Max Entertainment Ltd (formerly known as Sony Pictures Network India). The Mumbai bench asked Sony to file a reply in three weeks.
According to reports, ZEEL shareholder Mad Men Film Ventures filed a petition on Tuesday seeking that both ZEEL and Sony complete the merger, which was approved by the NCLT in August 2023.
The tribunal dismissed the counsel's claims that the NCLT's permission was conditional and subject to many criteria that might be met or waived in writing.
The NCLT has set March 12 as the next hearing date for this matter.
On January 24, ZEEL moved the NCLT against Sony’s decision to call off the $10-bn merger deal. The company has called upon Culver Max Entertainment Ltd and Bangla Entertainment Ltd (BEPL) to immediately withdraw the termination of the deal and confirm that they will perform their obligations to give effect to and implement the Merger Scheme, sanctioned by the National Company Law Tribunal.
