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NCLT grants hearing to shareholders’ appeal on Zee-Sony merger
The hearing for the case is scheduled for March 12.
The companies will also withdraw the respective Composite Schemes of Arrangement from the NCLT and inform the relevant regulatory authorities.
The NCLT has accepted Mad Men Film's request to consider the plea for enforcing the merger between Zee Entertainment Enterprises Limited and the Indian division of Sony Pictures Network that was terminated by the latter. Sony sent a termination notice to Zee on January 22, 2024.
Mad Men Film contended that the NCLT-approved plan, aiming to form a $10-billion media powerhouse, should be pursued, according to a CNBC-TV18 report dated January 30.
The NCLT has asked Sony to file a reply to the petition within three weeks. It did not accept its argument that the approval by NCLT was conditional and depended on various conditions being fulfilled or waived off in writing.
The NCLT has directed Sony to submit a response to the petition within three weeks.
The tribunal rejected Sony's claim that NCLT's approval was contingent on specific conditions being met or officially waived. The hearing for the case is scheduled for March 12.
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