National Company Law Tribunal (NCLT) approved the merger In the entertainment industry, NCLT had approved a $10 billion merger between Zee Entertainment Enterprises and Culver Max Entertainment. After the merger, Zee’s share price rallied to gain 20% in intra-day trade and closed up 17.95% at `285.55 on the BSE, whereas their creditors including Axis Finance, JC Flower Asset Reconstruction, IDBI Bank, Imax Corp and IDBI Trusteeship, had raised issues over the merger. As per market analysts, it would create a $10 0-billion media giant, with the combined merging company of over 70 TV channels
National Company Law Tribunal (NCLT) approved the merger
NCLT Approves $10 Billion Mega-Merger Between Zee and Sony
Mumbai bench of the National Company Law Tribunal (NCLT) had approved the merger between 2 entertainment industry named Zee Entertainment Enterprises, and Culver Max Entertainment (formerly known as Sony Pictures Networks India or SPNI), where SEBI is going to decide their take on 14th of August. Till now, the decision is taken behind by a panel headed by Justice HV Subba Rao alongside member Madhu Sinha. Over this decision, the Former ED of SEBI had told by media “The organisation or a corporation as an entity is different from a person. In this case, NCLT has given approval for a merger between Sony and Zee. Now in the merger, there was a condition that Punit Goenka will be MD but that condition was there as long as Punit Goenka was not prohibited by any other law of the country from becoming MD. So this NCLT order on the merger is separate and any other proceeding that is going on whether it is by SEBI, RBI or whatever it may be, will be separate. So as per the NCLT order the two entities can merge and the consequences of any future order will be on the merged entity. The merged entity cannot say that NCLT had approved so I will not follow what SEBI says, so the orders are separate,”
Zee Entertainment & Sony Tv Entertainment merged
What was the Sony and Zee entertainment merger date?
On December 21, 2021, Sony and ZEEL merged
How big is the Zee-Sony merger?
The National Company Law Tribunal (NCLT) had approved a $10 billion merger between Zee Sony merger