NCLAT refuses to stay Zee-Sony merger
The National Company Law Appellate Tribunal (NCLAT) on December 15 refused to grant a stay on the merger of media giants Zee Enterteinment Enterprises Limited (ZEEL) and Sony. The tribunal has however issued notice in the plea and listed the case for hearing on January 8.
Axis Finance and IDBI bank had challenged the merger in the NCLAT.
The appellate tribunal has also sought the responses of ZEEL in the appeals.
On the last date of hearing on October 31, the NCLAT transferred the cases to a bench led by chairperson Justice (retd) Ashok Bhushan.
On October 12, ZEEL's lawyers Mukul Rohatgi and Arun Kathpalia urged the tribunal not to pass any orders in the case, saying Axis Finance didn't have the locus to file such a plea. They also objected to the adjournment as IDBI's case arose out of a different set of facts.
The NCLT had on August 10 approved the merger of Zee Entertainment and Sony Pictures Networks India, paving the way for the creation of a $10-billion media giant in the country.
An NCLT bench of HV Subba Rao and Madhu Sinha had initially reserved the judgment after creditors such as Axis Finance, JC Flower Asset Reconstruction Co, IDBI Bank, Imax Corp, and IDBI Trusteeship raised concerns about the scheme.
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NCLAT refuses to stay Zee-Sony merger, case to be heard finally in January - Moneycontrol
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