Team Blitz India
NEW DELHI: Sony Group’s Indian subsidiary Culver Max has challenged the maintainability of Zee Entertainment’s plea on merger enforcement before the National Company Law Tribunal (NCLT) Mumbai. The NCLT will hear Sony’s plea and other applications on the Sony-Zee merger case on March 12, reported CNBC-TV 18.
In response to Sony’s plea, the Mumbai bench of NCLT has issued a notice to Zee, seeking a response. The development has come amid reports that the Sony Group has formally withdrawn its papers filed with the NCLT for the merger of its business withZee Entertainment EnterprisesLtd (ZEEL).
The Japanese entertainment firm made multiple filings to India’s National Company Law Tribunal to exit the merger pact with Zee, Bloomberg reported on Thursday referring to people familiar with the matter.