The National Company Law Appellate Tribunal (NCLAT) is scheduled to issue an order on April 15th, 2024 determining whether to proceed with the hearings on legal challenges against the Zee-Sony merger, even though the merger itself has been called off.
IDBI Bank and Axis Bank requested NCLAT to postpone the case until the National Company Law Tribunal (NCLT) reaches a decision on Zee’s request to enforce the merger. Zee, on the other hand, argued that NCLT’s ongoing proceedings are irrelevant to the current case and urged NCLAT to continue the hearing.
IDBI Bank, IDBI Trusteeship and Axis Trusteeship challenged the National Company Law Tribunal (NCLT) order from August 10, 2023 granting a legal sanction to the merger.
On December 15, the National Company Law Appellate Tribunal (NCLAT) declined to provide a stay on the merger between media giants Zee Entertainment Enterprises Limited (ZEEL) and Sony.
Also read: National Company Law Appellate Tribunal denies stay on Zee-Sony merger
On January 22, Sony terminated the proposed $10 billion merger with Zee first announced in December 2021, citing Zee’s failure to fulfil certain financial terms outlined in the deal and provide a viable plan to rectify the situation.
Also read: Zee-Sony merger saga ends: Timeline of the failed merger