Zee Entertainment Enterprises Limited (ZEEL) has faced a temporary setback in its ongoing legal battle against the National Company Law Tribunal’s (NCLT) directive to reassess the original Sony-Zee merger approvals.
Zee Entertainment Enterprises Limited (ZEEL) has faced a temporary setback in its ongoing legal battle against the National Company Law Tribunal’s (NCLT) directive to reassess the original Sony-Zee merger approvals.
The National Company Law Appellate Tribunal (NCLAT) has adjourned the hearing on ZEEL’s motion and is scheduled to hear it on May 26. The case was previously due to be heard by the NCLAT on May 25.
The National Company Law Appellate Tribunal (NCLAT) has adjourned the hearing on ZEEL’s motion and is scheduled to hear it on May 26. The case was previously due to be heard by the NCLAT on May 25.
ZEEL challenged the NCLT’s order, saying he had not had a fair opportunity to present his case and questioning the court’s jurisdiction over issues such as non-competition fees.
ZEEL challenged the NCLT’s order, saying he had not had a fair opportunity to present his case and questioning the court’s jurisdiction over issues such as non-competition fees.
The dispute arose when the NCLT asked the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) to review their previous clearances for the merger between ZEE and Sony. Additionally, the court asked the exchanges to re-evaluate the merger’s non-competition clause.
The dispute arose when the NCLT asked the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) to review their previous clearances for the merger between ZEE and Sony. Additionally, the court asked the exchanges to re-evaluate the merger’s non-competition clause.
In his appeal to the NCLAT, Zee pointed out that the NCLT’s May 11 order failed to meet the principles of natural justice and due process. The company claimed it was not given the opportunity to respond to affidavits submitted by the NSE and BSE.
In his appeal to the NCLAT, Zee pointed out that the NCLT’s May 11 order failed to meet the principles of natural justice and due process. The company claimed it was not given the opportunity to respond to affidavits submitted by the NSE and BSE.
According to Zee, the NCLT does not have the authority to guide an opponent on further steps and stressed that the court should put the interests of a company’s shareholders first.
According to Zee, the NCLT does not have the authority to guide an opponent on further steps and stressed that the court should put the interests of a company’s shareholders first.
Meanwhile, Zee’s proposed merger with Sony has faced opposition from lenders including IDBI Bank, Axis Finance and JC Flower ARC. These lenders sought intervention from the NCLT, asking the Zee promoters to use Sony’s planned non-compete fee to repay the outstanding loans.
Meanwhile, Zee’s proposed merger with Sony has faced opposition from lenders including IDBI Bank, Axis Finance and JC Flower ARC. These lenders sought intervention from the NCLT, asking the Zee promoters to use Sony’s planned non-compete fee to repay the outstanding loans.
Despite legal challenges, Zee received a favorable ruling from the NCLT on May 19, rejecting IDBI Bank’s plea for insolvency proceedings against the company. This decision is a major relief for Zee Entertainment.
Despite legal challenges, Zee received a favorable ruling from the NCLT on May 19, rejecting IDBI Bank’s plea for insolvency proceedings against the company. This decision is a major relief for Zee Entertainment.
The ongoing legal proceedings and the upcoming NCLAT hearing on May 26 will further shape the outcome of ZEEL’s motion against the NCLT’s order, influencing the future of the Sony-Zee merger and the resolution of outstanding financial issues.
The ongoing legal proceedings and the upcoming NCLAT hearing on May 26 will further shape the outcome of ZEEL’s motion against the NCLT’s order, influencing the future of the Sony-Zee merger and the resolution of outstanding financial issues.
