Axis Finance Ltd. filed an appeal against the National Company Law Tribunal’s (NCLT) order clearing the merger of Zee Entertainment Enterprises Ltd. with Sony’s Indian subsidiary Culver Max Entertainment Private Ltd.

Zee has been served with an appeal on behalf of Axis Finance against the company before the National Company Law Appellate Tribunal (NCLAT), challenging the NCLT’s order passed on 10 August, the Indian media company said in a stock exchange announcement.

On 10 August, the Mumbai bench of the NCLT approved the composite scheme of arrangement amongst Zee, Bangla Entertainment Private Ltd. and Culver Max Entertainment, formerly known as Sony Pictures Networks India Private Ltd.

Zee and Sony in December 2021 signed definitive agreements to merge their businesses.

The proposal earlier received approvals from the NSE, BSE and Zee shareholders. The Competition Commission of India also approved the merger with modifications.

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