NCLT Approves Zee-Sony Unit Merger

Zee Entertainment Enterprises Ltd. received the National Company Law Tribunal’s (NCLT) approved for the merger with Sony’s India unit.

The Mumbai bench of the NCLT on Thursday approved the composite scheme of arrangement amongst Zee, Bangla Entertainment Private Ltd. and Culver Max Entertainment Private Ltd., formerly known as Sony Pictures Networks India Private Ltd., Zee said in a stock exchange announcement.

The final order copy is awaited, it added.

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.

However, the merger faced hurdles, including opposition by Zee’s creditor Axis Finance.

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