On Friday, May 26, the National Company Law Appellate Tribunal (NCLAT) set aside the order of the National Company Law Tribunal (NCLT) in Mumbai that had directed major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) to reassess their initial approvals granted for the merger of Zee Entertainment Enterprises Limited (ZEE) with Culver Max Entertainment (formerly known as Sony Pictures Networks India).
The companies had entered into a non-binding term sheet in September 2021 to combine their digital assets, linear networks, production operations and programme libraries. As per the terms of the merger, Sony Group would hold 50.86% of the combined entity, ZEE founder will own around 4% while the rest would be distributed amongst the shareholders of ZEE.
The NCLT issued its order on May 11th, directing the stock exchanges to reissue updated no-objection certificates before June 16, 2023. In response, ZEE filed an appeal aga
