Team Blitz India
NEW DELHI: The National Company Law Tribunal (NCLT) on January 30 accepted a petition by a Zee Entertainment shareholder seeking the merger of its Indian entity with Sony, which was called off last week despite regulatory approvals. It also directed Sony to file a reply within three weeks time.
The Mumbai-bench of NCLT issued a notice on a petition moved by Mad Men Film Ventures, a shareholder of Zee Entertainment Enterprises (ZEEL), directing Sony Pictures Network India, now known as Culver Max, to file a reply within three weeks.
Mad Men Film Ventures filed the petition requesting both ZEEL and Sony to implement the merger as it was approved by the NCLT in August 2023.
The tribunal did not agree to the arguments made by the counsel stating that the approval by NCLT was conditional and depended on various conditions, which may be fulfilled or waived off in writing. NCLT has kept the next date of hearing on this matter on March 12.
