NCLAT postpones hearing against Zee-Sony merger to March 18

While the merger itself is no longer active, the legal battle surrounding it continues.

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  • Storyboard18,
 | February 23, 2024 , 3:31 pm
In August, ZEEL and Sony's Indian units reached a non-cash settlement to resolve all disputes stemming from their failed merger.
In August, ZEEL and Sony's Indian units reached a non-cash settlement to resolve all disputes stemming from their failed merger.

The National Company Law Appellate Tribunal (NCLAT) has postponed the hearing regarding the Zee-Sony merger until March 18th.

IDBI Bank, IDBI Trusteeship and Axis Trusteeship had challenged the NCLT (National Company Law Tribunal)’s August 2023 approval of the $10 billion Zee-Sony merger deal.

Read More: SEBI set to summon ZEE’s Punit Goenka, Subhash Chandra in funds siphoning case

While the merger itself is no longer active, the legal battle surrounding it continues. Sony called off the merger earlier this year citing Zee’s failure to meet certain financial terms and present a plan for resolving them. A termination notice was sent to Zee on January 22, 2024.

Meanwhile, Stakeholders are anticipating a pivotal NCLT hearing on March 12 regarding Zee Entertainment’s plea to enforce the stalled $10-billion merger with Sony Pictures Networks.

Read More Zee-Sony merger: Will SEBI’s new revelations impact March 12 NCLT hearing?

As Zee pushes for merger enforcement and Sony contests the validity of the petition, the fate of any legal recourse for the Zee-Sony merger hinges on the March 12 NCLT hearing.

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