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NCLT approves Zee-Sony merger
As per the media reports, the court stated that the merger shouldn't be kept waiting just because of the ongoing case with the SEBI.
On Thursday, in accordance with the media reports, The National Company Law Tribunal (NCLT) has given its approval for the merger between Zee Entertainment and Culver Max Entertainment (earlier known as Sony Pictures Networks India, a significant milestone in the merger process that has faced multiple delays.
The merger between Sony and Zee encompasses their television channels, film assets, and streaming platforms, a strategic move they agreed upon in late 2021. However, this merger has been hindered by a series of challenges, including legal disputes involving lenders over loan defaults by a Zee group entity. Additionally, reports have circulated suggesting that stock exchanges were reviewing their approvals for the merger.
As part of the merger arrangement, Punit Goenka was intended to assume the role of the merged entity's managing director and chief executive officer, marking a significant development within the deal.