ZEE Entertainment Enterprises Ltd. (ZEEL) announced that the Company’s equity shareholders have approved the proposed merger of ZEEL and Bangla Entertainment Pvt. Ltd. with and into Culver Max Entertainment Pvt. Ltd. (formerly Sony Pictures Networks India Pvt. Ltd.).
As per the order of the Hon’ble National Company Law Tribunal (NCLT), Mumbai Bench, dated 24th August 2022, the Company convened the meeting of its equity shareholders on 14th October 2022, to seek approval for the proposed merger. The resolution put forth during the meeting pertaining to the proposed merger was supported by 99.99% of ZEEL’s equity shareholders.
The approval marks yet another firm and positive step forward, in the overall merger completion process.
Punit Goenka, MD & CEO, ZEE Entertainment Enterprises Ltd. said, “On behalf of all the Board members and management of ZEEL, I would like to thank the equity shareholders of the Company for recognising the value-accretive opportunities the proposed merger will deliver to all stakeholders. The continued trust and overwhelming support by our equity shareholders towards the resolution of the Composite Scheme of Arrangement, further strengthen our abilities to consistently deliver higher value as we move forward in this process.”
ZEEL has received an approval from the Competition Commission of India (CCI), vide its communication dated 4th October 2022. The Company has also received approvals from the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in July 2022.
The Composite Scheme of Arrangement remains subject to applicable regulatory and other approvals.
