NCLT issues notice on Zee's petition related to implementation of merger, hearing on March 12
Zee-Sony Merger: NCLT has merged Zee's plea with that of its shareholder Mad Man Film Ventures, which has been named as the proxy of the Indian broadcaster. Mad Men Film Ventures had earlier approached NCLT to enforce the merger plan between Sony and Zee.
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The National Company Law Tribunal (NCLT) Mumbai bench has sent out a notice regarding Zed Entertainment's request to merge with Sony Pictures' Indian division. On March 12, the tribunal will hear the case. As per the media reports, Zee's application regarding the merger's implementation was challenged by the Indian units of Sony Group in the NCLT.
Zee's appeal has been joined by the NCLT to that of Mad Man Film Ventures, a shareholder that is allegedly acting as the Indian broadcaster's stand-in. Earlier, Mad Men Film Ventures had applied to NCLT to enforce Sony and Zee's merger plan.
The tribunal has also issued notices to Culver Max and Bangla Entertainment asking them to file their reply on Zee's application. After the NCLT listed the petition, Zee's share prices have surged up to 1.4 per cent from the lows.
