Legal countdown to ZEE-Sony merger begins, NCLT issues notice to Sony, know key details here

Zee Sony merger: The National Company Law Tribunal (NCLT) on Tuesday accepted a petition from Zee Entertainment shareholders seeking to merge its Indian entity with Sony, a merger that was called off last week despite regulatory approval.

The NCLT Mumbai bench issued a notice on a petition filed by Zee Entertainment Enterprises (ZEEL) shareholder Mad Men Film Ventures, directing Sony Pictures Networks India (now known as Culver Max) to file its reply within three weeks.

Also Read: Sony-Zee merger canceled: Know the full timeline of the acquisition saga

Mad Men Film Ventures on Tuesday filed a petition asking ZEEL and Sony to implement the merger, which was approved by NCLT in August 2023.

The tribunal disagreed with the counsel’s contention that NCLT’s approval was conditional and subject to various conditions, which could be fulfilled or waived in writing.

The NCLT has reserved March 12 for the next hearing in the matter.

Last week, Sony Group Corp called off its merger with ZEEL after a deadlock over who would lead the merged entity.

Otherwise, the merger would have created a $10 billion media enterprise in the country.

The deal stipulates that the merger will be completed by December 21, 2023, including receipt of regulatory and other approvals, with a one-month grace period to complete the transaction.

(This story has not been edited by News18 staff and is published from associated news agency – PTI)