Zee Entertainment Enterprises Ltd (ZEEL) and Culver Max Entertainment Pvt Ltd (formerly Sony Pictures Networks India), whose $10 billion merger was approved by the National Company Law Appellate Tribunal (NCLAT) last month is likely to see it come into effect in December.
As per a media report, if the proposed merger materialises, it will bring together over 70 television channels, video streaming services i.e. Zee5 and SonyLiv, and Zee Studios and Sony Pictures Films India, film studios.
Last week, the Securities Appellate Tribunal (SAT) adjourned the matter regarding the ban of Punit Goenka, promoter of Zee Entertainment by the Securities and Exchange Board of India (SEBI). As of now, the hearing will be on September 27.
Earlier, Axis Finance had approached the NCLAT against the NCLT order approving the merger of Zee Entertainment Enterprise Ltd (ZEEL) and Sony. The NCLAT had served notice to the company in response to Axis Finance's plea. IDBI Bank too approached the appellate tribunal to challenge the NCLT's approval for Sony-Zee merger. In a disclosure to the stock exchanges, ZEEL on September 6 said the company has been served with an appeal on behalf of IDBI Bank before the NCLAT.