Zee Entertainment brand.
| Photo Credit: Reuters
The National Company Law Appellate Tribunal on Friday issued notices to Zee Entertainment Enterprise Ltd (ZEEL) over the petitions filed by IDBI Bank and AXIS Finance towards an NCLT order that authorized the media firm’s merger with Culver Max Entertainment.
However, a two-member NCLAT bench comprising Chairman Justice Ashok Bhushan and Member Arun Baroka declined to grant any stay over the merger course of through the pendency of the listening to.
The appellate tribunal (NCLAT) has directed to listing each petitions on January 8 for listening to, directing Zee Entertainment Enterprise Ltd to file a reply.
Also learn | NCLT approves Zee-Sony merger, paves manner for creation of $10 billion media big
The personal lender and the non-banking monetary firm have challenged the August 10 order of the Mumbai-bench of the National Company Law Tribunal (NCLT), which authorized the ZEEL-Culver Max Entertainment merger, paving the best way for the creation of the nation’s largest media entity.
The NCLT, in its order, dismissed some functions moved by monetary establishments opposing the transfer, together with these of IDBI Trusteeship, IDBI Bank, Axis Finance, JC Flowers Asset Reconstruction Co, and Imax Corp.
This was challenged by IDBI and Axis Finance earlier than the appellate tribunal NCLAT.
The matter was final listed on December 6 for listening to, nevertheless, it was adjourned to December 15 due to paucity of time.
In the final listening to on October 31, the matter was listed earlier than a distinct bench, which transferred each petitions to the chairperson’s bench.
The bench had opined that for the reason that chairperson-led bench is already listening to an insolvency enchantment filed by IDBI Bank towards ZEEL, it might be applicable for a similar bench to hear these petitions additionally.
The NCLAT bench led by the chairperson can also be listening to one other petition filed by IDBI that has challenged an NCLT order, which on May 19 rejected the lender’s plea to provoke insolvency proceedings towards the media main.
ZEEL is merging with Culver Max Entertainment (earlier generally known as Sony Pictures Networks India), for which the deadline is December 21.
The merger which is able to create the most important media conglomerate within the nation has acquired all formalities from the regulatory our bodies together with bourses, CCI and NCLT.
