afaqs! news bureau

Sony on merger with Zee: Monitoring developments and taking SEBI order seriously

Sony has responded to media reports suggesting that the Zee-Sony merger is under threat under SEBI’s shadows

Recently a few media reports suggested that the Sony-Zee deal is under threat given SEBI’s allegations on Puneet Goenka and Subhash Chandra suggesting the duo were shipping off funds. 

Howver, Sony Pictures has now clarified that they are now monitoring the developments. The company in a media statement says, “There have been several erroneous press reports recently speculating about the future of ZEE’s planned merger with SPNI following SEBI’s interim order against Subhash Chandra and Punit Goenka. We take very seriously the SEBI interim order and will continue to monitor developments that may affect the deal.”

Zee on the other hand has also challenged Sebi’s order at the Securities Appellate Tribunal (SAT), which will next hear the matter on 26 June.

There are also speculations on whether Goenka will continue to head the merged companies if he doesn’t get relief from the top courts of the country. If SEBI’s order is stayed by the court then Zee can still appeal the case which will let Goenka to continue as CEO unless the Supreme Court rules otherwise.

The Sony-Zee merger considered to be one of the biggests of its kind in the country was announced in 2021.

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