July 21, 2024
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NCLT approves ZEE-Sony merger

NCLT approves ZEE-Sony merger

Sony Pictures Networks India and Zee Entertainment are soon going to be merged after the National Company Law Tribunal (NCLT) approved it on August 10. This merger paves the way for a $10-billion media giant in the country. NCLT had earlier reserved its verdict on July 10.

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The bench comprising Justice HV Subba Rao and member Madhu Sinha, approved the merger while dismissing all objections raised by some lenders including Axis Finance, JC Flowers Asset Reconstruction Co, IDBI Bank, Imax Corp, and IDBI Trusteeship.

In December 2021, Zee Entertainment and Sony Pictures agreed to merge their businesses. After the approval of the merger, ZEE shares traded higher on the stock exchange.

Sebi in June banned Subhash Chandra and Punit Goenka from holding board positions in publicly listed companies for a year. ZEE is now awaiting a favourable order from the SEBI to allow the MD and CEO Punit Goenka to continue as the MD and CEO of the merged entity. It was also one of the conditions of the merger that Goenka will be the MD and CEO of the new entity.

This approval comes now while the merger was first announced in December 2021.

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