Sony-Zee merger case is postponed by NCLT until July 10

7 Jul 2023 , 08:23 AM

The National Company Law Tribunal (NCLT) has postponed the hearing in the Sony-Zee merger lawsuit, which was scheduled for Thursday, July 10. The NCLT bench assigned to the case consists of technical member Madhu Sinha and judicial member HV Subba Rao.

Senior Advocate Janak Dwarkadas, representing Zee Entertainment Enterprises Limited (ZEEL), informed ET that regulatory agencies such as BSE, NSE, and the Competition Commission of India (CCI), along with 99.97% of the company’s shareholders, have approved the scheme of arrangement between ZEEL and Culver Max Entertainment (Sony).

Dwarkadas emphasized that the Rs 1,100 crore non-compete fee to be paid by Sony to ZEEL’s promoters will be redirected as share capital into the amalgamated company to address the non-compete fee concern.

He further highlighted that the interim order issued by the regulator SEBI against ZEEL’s MD Punit Goenka and Chairman Emeritus Subhash Chandra was an ex parte order lacking justification. Dwarkadas mentioned that the Securities Appellate Tribunal (SAT) has reserved the right to deliver a decision on the interim order.

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