NEW DELHI: The National Company Law Tribunal (NCLT) on August 11 allowed the merger of Zee Entertainment Enterprises Ltd and Culver Max Entertainment (earlier known as Sony Pictures Networks India).
This order by the Mumbai bench, headed by HV Subba Rao and Madhu Sinha, will pave the way for the creation of a $10-billion media company, the biggest in the country.
The tribunal also dismissed all objections regarding the merger. The NCLT, on July 11, had reserved its order on the merger after hearing objections from several creditors.
It heard arguments from creditors, including Axis Finance, JC Flower Asset Reconstruction Co, IDBI Bank, Imax Corp and IDBI Trusteeship. Both media houses approached the tribunal for sanctioning the merger after obtaining permissions from National Stock Exchange, BSE and sectoral regulators such as the Competition Commission of India and the Securities and Exchange Board of India.
