Mumbai: The National Company Law Tribunal has issued an order allowing Zee Entertainment Enterprises Ltd. (ZEEL) to conduct the shareholder meeting for the proposed merger with Sony.
Statement issued by Zee Entertainment Enterprises Ltd.’s Spokesperson read, “The National Company Law Tribunal (NCLT) Mumbai bench has directed in its order, that a meeting of the Equity Shareholders of Zee Entertainment Enterprises Ltd. be convened and held on Friday, 14th October, 2022 for the purpose of considering, and if thought fit, approving the proposed merger of the Company with Culver Max Entertainment Private Limited (formerly Sony Pictures Networks India Private Limited).”
The ongoing process of merger between ZEE and Sony is in the crucial phase of getting approvals various regulatory bodies. Recently, The Competition Commission of India (CCI) has raised couple of queries related to the proposed merger. Recently, Zee has submitted the TV viewership market share data for the financial year ending March 2022 and year-to-date data of the ongoing financial year to dismiss CCI’s concern on concentration of power.
