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Zee-Sony merger: NCLAT to hear challenges to the merger on May 17
IDBI Bank and Axis Finance has asked the NCLAT to wait for the NCLT’s decision on Zee’s plea asking it to enforce the merger.
After the deal was terminated in January, Zee apparently has reached out to the Sony executives to reconsider the termination and has also offered for talks this month.
The National Company Law Appellate Tribunal (NCLAT) on April 15 said that it will be hearing a challenge to the Zee-Sony merger on May 17, junking creditors IDBI Bank and Axis Finance’s contention to wait for the NCLT’s outcome before hearing the case, said moneycontrol.
Earlier, IDBI Bank and Axis Finance has asked the NCLAT to wait for the NCLT’s decision on Zee’s plea asking it to enforce the merger.
The National Company Law Tribunal (NCLT) hearing regarding Zee Entertainment's plea to enforce the stalled $10-billion merger with Sony Pictures Networks was scheduled to be heard on march12. However, it had been pushed to a later date. The outcome of the hearing will provide clarity on whether the merger stands a chance to be reconsidered.
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