NCLT nod for ZEE shareholder meet on Sony merger
1 min read . Updated: 08 Sep 2022, 12:07 AM IST
Premium- NCLT’s Mumbai bench has directed in its order, that a meeting of the equity shareholders of Zee Entertainment Enterprises be convened and held on Friday, 14th Oct
The Mumbai bench of the National Company Law Tribunal (NCLT) has allowed Zee Entertainment Enterprises to hold a shareholders’ meeting next month for the proposed merger with broadcaster Sony.
“NCLT directed in its order, that a meeting of equity shareholders of Zee Entertainment be convened and held on 14 October, for considering, and if thought fit, approving the merger of the company with Culver Max Entertainment (formerly Sony Pictures Networks India)," ZEE said in a statement on Wednesday.
In July, Zee, the broadcasting and entertainment conglomerate received approval from the BSE and the NSE for its proposed merger with Culver Max Entertainment.
However, last week, Reuters reported that the Competition Commission of India raised concerns around the “bargaining power" the merged entity may enjoy, and said the matter merited further investigation.
ZEE has maintained that the companies are responding to all queries raised by the CCI.
In December, the two companies announced the signing of definitive agreements to merge and combine the linear networks, digital assets, production operations and programme libraries. The agreements followed the conclusion of a negotiation period, when ZEE and SPNI had conducted mutual due diligence. Once the transaction goes through, the combined entity will be publicly listed in India.
