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MUMBAI: National Company Law Appeal Tribunal (NCLAT) rescinded the NCLT-Mumbai order directing the stock exchanges to reassess their approvals granted for the merger of Zee Entertainment Enterprises with Culver Max Entertainment (formerly known as Sony Pictures Networks India).
Without going into the merits of the case, the NCLAT on Friday quashed the order issued by the NCLT-Mumbai on the grounds of violation of the principles of natural justice. He referred the case to NCLTfor him to consider the same after hearing Zee’s side of the argument.
It so happened that when the Zee-Sony merger proceedings were underway at NCLT-Mumbai, BSE and NSE brought Sebi’s show cause notice to the court’s attention to Shirpur Gold Refinery, which is part of the Essel Group (which is also the promoter of Zee), alleging embezzlement and regulatory violations. The exchanges also applied to the Sebi’s court on April 25, 2023, order on Chirpur which banned certain people, including its former chairman Amit Goenka, the youngest son of Essel Group leader Subhash Chandra Goenka, from selling or disposing of their stakes.
Both exchanges had already issued their certificates of no objection to the merger.
Without going into the merits of the case, the NCLAT on Friday quashed the order issued by the NCLT-Mumbai on the grounds of violation of the principles of natural justice. He referred the case to NCLTfor him to consider the same after hearing Zee’s side of the argument.
It so happened that when the Zee-Sony merger proceedings were underway at NCLT-Mumbai, BSE and NSE brought Sebi’s show cause notice to the court’s attention to Shirpur Gold Refinery, which is part of the Essel Group (which is also the promoter of Zee), alleging embezzlement and regulatory violations. The exchanges also applied to the Sebi’s court on April 25, 2023, order on Chirpur which banned certain people, including its former chairman Amit Goenka, the youngest son of Essel Group leader Subhash Chandra Goenka, from selling or disposing of their stakes.
Both exchanges had already issued their certificates of no objection to the merger.
