Team Blitz India
NEW DELHI: Zee Entertainment Enterpises Ltd (ZEEL) on December 20 informed the stock exchanges that Sony Pictures Networks India (now known as Culver Max Entertainment Private Limited) has agreed to discuss the extension of the merger deadline.
Zeesaid it hasreceived communication from Sony, and that they will enter into negotiations ‘in good faith’ and ‘with a view to discuss the extension of the date required to make the scheme effective by a reasonable period of time.’
The merger was to be completed by December 22, as per the agreement inked in 2021. However, the two sides could not move ahead with the amalgamation due to the differences that emerged over who would lead the merged entity, reports said.
With regulatory approvals Registrar of Companies (ROC), Ministry of Information and Broadcasting (MIB) and relisting process will take 3-4 months once the extension is granted.The merged company is expected to be listed by March or April2024.
