The National Company Law Tribunal (NCLT) has decided to adjourn the hearing regarding the Zee-Sony merger case. As per media reports, the new hearing date has been set for July 10. This development follows the submission made by Zee Entertainment Enterprises Limited (ZEEL) in court, stating that the scheme of arrangement between ZEEL and Culver Max Entertainment (Sony) has garnered approval from an overwhelming majority of shareholders.
ZEEL’s advocate informed the court that an impressive 99.97% of shareholders, as well as the regulatory bodies, have given their consent to the proposed scheme of arrangement. This substantial level of shareholder support underscores the confidence in and acceptance of the merger plan.
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Earlier, in late May, the National Company Law Appellate Tribunal (NCLAT) had overturned the NCLT’s previous order, which directed the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) to reassess their initial approvals for the merger. The decision by the NCLAT brought about a reevaluation of the regulatory aspects surrounding the merger, warranting further attention and consideration.
Given the adjournment of the hearing, the NCLT aims to allow ample time for the review and examination of all relevant aspects of the Zee-Sony merger. This prudent approach ensures that the resolution process proceeds with thoroughness and adherence to the legal framework.
The adjournment of the hearing represents a crucial step in the resolution proceedings, enabling the NCLT to carefully assess the merger proposal and its compliance with the applicable regulations. As the NCLT reconvenes on July 10, stakeholders await the tribunal’s decision with anticipation, as it will play a pivotal role in shaping the future of the Zee-Sony merger.
