The mixed entity will personal over 70 TV channels, two video streaming companies and two movie studios, making it the biggest leisure community in India.
| Photo Credit: Reuters
The SPE (Sony Pictures Entertainment) on June 21 mentioned, it can proceed to monitor developments that will have an effect on the merger deal between its Indian arm and ZEEL (Zee Entertainment Enterprises Ltd.).
In a press release following stories over the destiny of the deal in view of SEBI’s interim order against Essel Group chairman Subhash Chandra and ZEEL MD and CEO Punit Goenka, SPE (Sony Pictures Entertainment) mentioned it takes the SEBI (Securities and Exchange Board of India) interim order severely.
“There have been several erroneous press reports recently speculating about the future of ZEE’s planned merger with SPNI [Sony Pictures Networks India] following SEBI’s interim order against Subhash Chandra and Punit Goenka,” the corporate mentioned.
It additional mentioned, “We take very seriously the SEBI interim order and will continue to monitor developments that may affect the deal.” Last week, Mr. Chandra and Mr. Goenka moved the SAT (Securities Appellate Tribunal) difficult the SEBI interim order that barred them from holding the place of a director or key managerial personnel in any listed firm.
Markets regulator SEBI took the motion against Mr. Chandra and Mr. Goenka for siphoning off funds of ZEEL. In September 2021, SPNI and ZEEL had entered right into a non-binding time period sheet to carry collectively their linear networks, digital property, manufacturing operations and programme libraries.
The mixed entity will personal over 70 TV channels, two video streaming companies (ZEE5 and Sony LIV) and two movie studios Zee Studios and Sony Pictures Films India, making it the biggest leisure community in India.
Shareholders of ZEEL had given their ascent to the merger in October 2022, weeks after truthful commerce regulator CCI (Competition Commission of India) gave its conditional nod.
