Zee Seeks Extension Of Merger Deadline With Sony Unit Amid Legal Hurdles

Zee Entertainment Enterprises Ltd. asked the Sony Group to extend the December merger deadline between its Indian unit and Zee amid several legal hurdles.

The company has requested Culver Max Entertainment Private Ltd. (formerly known as Sony Pictures Networks India Private Ltd.) and Bangla Entertainment Private Ltd. to extend the date required to make the scheme effective as per the terms of the merger cooperation agreement signed on 22 December 2021, Zee said in a stock exchange announcement.

Meanwhile, the National Company Law Appellate Tribunal (NCLAT) on Friday refused to grant any temporary stay on the merger of Zee with Culver Max Entertainment.

The appellate tribunal was hearing two separate appeals filed by Axis Finance Ltd. and IDBI Bank to stay the merger between Zee with Sony Group’s entities. The matter will be heard next month.

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