Zee-Sony merger: After IDBI Bank, Axis Finance files appeal against NCLT order
PTI, Sep 15, 2023, 9:14 AM IST
Non-banking financial company Axis Finance Ltd has filed an appeal against the NCLT order to approve the merger of Zee Entertainment Enterprise Ltd (ZEEL) with Culver Max Entertainment, formerly Sony Pictures Networks India.
The lender has moved the National Company Law Appellate Tribunal (NCLAT) against the order.
This is the second financial creditor after private lender IDBI Bank, which has approached the order of the Mumbai bench of the National Company Law Tribunal (NCLT).
Earlier, the NCLT on August 10, 2023, approved the proposed merger, which would create the largest media entity in the country.
According to a regulatory filing by ZEEL, it ‘has been served with an appeal on behalf of Axis Finance Ltd against the Company before the NCLAT, Delhi, challenging the order dated August 10, 2023, passed by NCLT, Mumbai Bench’.
NCLT had dismissed the application and approved the composite scheme of arrangement amongst Zee Entertainment Enterprises Limited, Bangla Entertainment Private Limited and Culver Max Entertainment.
The tribunal had dismissed the objections raised by several lenders of ZEEL, including IDBI Trusteeship, IDBI Bank, Axis Finance, JC Flowers Asset Reconstruction Co and Imax Corp.
IDBI Bank is also contesting another matter against ZEEL before the NCLAT, in which the appellate tribunal has issued notice to the Subhash Chandra-family-led entertainment firm.
The private lender has challenged the NCLT order, which on May 19, rejected a plea to initiate insolvency proceedings against the media major.
In December 2021, Zee Entertainment and Sony Pictures agreed to merge their businesses.
Both media houses approached the tribunal for sanctioning the merger after obtaining permissions from the National Stock Exchange, BSE and sectoral regulators, such as the Competition Commission of India and the Securities and Exchange Board of India.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Kidnapped for ransom in 1998, 26/11 survivor Gautam Adani faces biggest trial
Gautam Adani charged in US with USD 250 mn bribery, fraud
India’s GDP growth likely to slip at 6.5 pc, maintains 7 pc estimate for FY25: Icra
RBI cautions public about ‘deepfake’ video of governor being circulated on social media
We disagree with decision, plan to appeal: Meta on CCI imposing Rs 213-cr penalty
MUST WATCH
Latest Additions
Siddaramaiah says confident of winning all three bypolls in Karnataka
Hop on! IT Minister Priyank Kharge checks out Uber Shuttle at Bengaluru Tech Summit
Actress Kasthuri released from jail, says ‘I thank those who made me raging storm’
Kidnapped for ransom in 1998, 26/11 survivor Gautam Adani faces biggest trial
AIMPLB to hold its annual general sessions in Bengaluru from November 23
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.