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National Company Law Appellate Tribunal denies stay on Zee-Sony merger
On August 10 NCLAT had approved the $10 billion merger.
The companies will also withdraw the respective Composite Schemes of Arrangement from the NCLT and inform the relevant regulatory authorities.
On December 15, the National Company Law Appellate Tribunal (NCLAT) declined to provide a stay on the merger between media giants Zee Entertainment Enterprises Limited (ZEEL) and Sony.
A notice has been issued by the tribunal response to the plea and a hearing has been scheduled for January 8.
On August 10 NCLAT had approved the merger.
Axis Finance and IDBI bank had challenged the merger in the NCLAT.
The appellate tribunal has also sought responses from ZEEL.
On December 6, NCLAT had postponed the hearing of appeals filed by Axis Finance and IDBI Bank challenging the National Company Law Tribunal (NCLT) approval of the ZEEL and Culver Max Entertainment $10 billion merger. The new hearing date was now set for December 15.
Additional Solicitor General Venkatraman, who is representing IDBI Bank had proposed an expedited schedule, whereas Zee Entertainment Enterprises Limited (ZEEL) advocates Abhishek Manu Singhvi and Mukul Rohatgi requested a postponement to January.
On October 31, the National Company Law Appellate Tribunal (NCLAT) reassigned the appeals lodged by Axis Finance and IDBI Bank, challenging the National Company Law Tribunal's (NCLT) approval of the Zee-Sony merger, to the bench presided over by the Chairperson.
As per the bench, since the Chairperson-led panel was already overseeing IDBI's insolvency plea against Zee Entertainment Enterprises Limited (ZEEL), it was fitting for the same bench to handle these appeals.
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