Zee-Sony merger: NCLAT to hear challenges to the merger on May 17

IDBI Bank and Axis Finance has asked the NCLAT to wait for the NCLT’s decision on Zee’s plea asking it to enforce the merger.

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  • Storyboard18,
 | April 15, 2024 , 8:53 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) on April 15 said that it will be hearing a challenge to the Zee-Sony merger on May 17, junking creditors IDBI Bank and Axis Finance’s contention to wait for the NCLT’s outcome before hearing the case, said moneycontrol.

Read More: Zee Sony case: NCLT hearing pushed to later date

Earlier, IDBI Bank and Axis Finance has asked the NCLAT to wait for the NCLT’s decision on Zee’s plea asking it to enforce the merger.

Read More: Zee Sony merger: Zee spent Rs. 176.20 crore on compliances to see through merger

The National Company Law Tribunal (NCLT) hearing regarding Zee Entertainment’s plea to enforce the stalled $10-billion merger with Sony Pictures Networks was scheduled to be heard on march12. However, it had been pushed to a later date. The outcome of the hearing will provide clarity on whether the merger stands a chance to be reconsidered.

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