Zee-Sony Merger Case: After IDBI Bank, now Axis moves NCLAT against Zee

The NCLAT has served notice to the company in response to Axis Finance’s plea.

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  • Moneycontrol,
 | September 14, 2023 , 2:43 pm
After the deal was terminated in January, Zee apparently has reached out to the Sony executives to reconsider the termination and has also offered for talks this month.
After the deal was terminated in January, Zee apparently has reached out to the Sony executives to reconsider the termination and has also offered for talks this month.

Axis Finance has approached the National Company Law Appellate Tribunal (NCLAT) against the National Company Law Tribunal (NCLT) order approving the merger of Zee Entertainment Enterprise Ltd (ZEEL) and Sony. The NCLAT has served notice to the company in response to Axis Finance’s plea.

The merger of Zee Entertainment and Sony is a significant development in the media and entertainment industry, and it appears that Axis Finance has raised objections related to the merger.

Earlier, IDBI Bank approached the appellate tribunal to challenge the NCLT’s approval for Sony-Zee merger. In a disclosure to the stock exchanges, ZEEL on September 6 said the company has been served with an appeal on behalf of IDBI Bank before the NCLAT.

(This is a developing story. More details are awaited.)

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