Zee-Sony merger: NCLT directs Sony to submit response within three weeks

The National Company Law Tribunal (NCLT), on Tuesday, accepted a petition filed by a shareholder of Zee Entertainment seeking the merger of Zee Entertainment's Indian entity with Sony, a move that had been called off last week despite obtaining regulatory approvals.

The NCLT Mumbai bench issued a notice regarding a petition filed by Mad Men Film Ventures, a shareholder of Zee Entertainment Enterprises (ZEEL) directing Sony Pictures Network India, currently known as Culver Max, to submit a reply within a three-week timeframe.

On Tuesday, Mad Men Film Ventures submitted a petition urging both Zee Entertainment Enterprises (ZEEL) and Sony to execute the approved merger, which was sanctioned by the NCLT in August 2023.

The tribunal rejected the arguments presented by the counsel, asserting that the NCLT approval was dependent on various conditions that could be fulfilled or waived in writing.

The NCLT has scheduled the next hearing for this matter on March 12.