Know about the key updates on the Zee-Sony merger conflict.
The National Company Law Appellate Tribunal declines to stay the Zee-Sony merger, dismissing appeals by Axis Finance and IDBI Bank, setting a stage for a court hearing on January 8, 2024.
Axis Finance and IDBI Bank challenge the NCLT Mumbai bench order approving the merger on August 10. The contested decision dismissed objection from financial institution, including IDBI Trusteeship, JC Flowers Asset Reconstruction Co, and Imax Corp.
Both Sony and Zee are not able to make a leadership decision both agree with. The chosen candidates are NP Singh, MD & CEO of Sony India, and Punit Goenka, MD & CEO of ZEEL, to helm the merged media company.
Despite legal challenges Zee and Sony are struggling to meet the 21st December deadline.
The SEBI's ban on Subhash Chandra have also made an impact in the merger.