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Sunday, April 21, 2024

ZEE-Sony Merger Legal Countdown Begins, NCLT Notifies Sony; Find Out Important Information Here

<p><strong>Zee Sony transaction:</strong> A shareholder of Zee Entertainment filed a plea with the National Company Law Tribunal (NCLT) on Tuesday, requesting that its Indian company combine with Sony. The transaction was put off last week, despite receiving regulatory permissions.</p>
<p><img decoding=”async” class=”alignnone wp-image-381473″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-zee-sony-merger-legal-countdown-begins-nclt-notifies-sony-find-out-important-infor.jpg” alt=”theindiaprint.com zee sony merger legal countdown begins nclt notifies sony find out important infor” width=”912″ height=”608″ title=”ZEE-Sony Merger Legal Countdown Begins, NCLT Notifies Sony; Find Out Important Information Here 9″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-zee-sony-merger-legal-countdown-begins-nclt-notifies-sony-find-out-important-infor.jpg 510w, https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-zee-sony-merger-legal-countdown-begins-nclt-notifies-sony-find-out-important-infor-150×100.jpg 150w” sizes=”(max-width: 912px) 100vw, 912px” /></p>
<p>On a case filed by Mad Men Film Ventures, a shareholder of Zee Entertainment Enterprises (ZEEL), the Mumbai-bench of the NCLT issued a notice requiring Sony Pictures Network India, now known as Culver Max, to submit a reply within three weeks.</p>
<p>Mad Men Film Ventures requested on Tuesday that ZEEL and Sony carry out the merger, which was granted approval by the NCLT in August 2023.</p>
<p>The lawyer contended that the permission granted by NCLT was subject to certain restrictions that may be satisfied or renounced in writing, but the tribunal rejected this line of reasoning.</p>
<p>The next hearing on this subject has been scheduled for March 12 by NCLT.</p>
<p>Due to a deadlock over the identity of the combined company’s leader, the Sony Group Corp. decided to call off its merger with ZEEL last week.</p>
<p>A media company valued at USD 10 billion may have been established in the nation had this transaction not occurred.</p>
<p>The agreement stated that the merger had to be finalized by December 21, 2023, subject to all necessary regulatory and other clearances, with a one-month grace period.</p>

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