The Nationwide Firm Regulation Tribunal (NCLT) has adjourned the listening to in Zee-Sony merger matter until subsequent week. The NCLT will now hear the case on July 10.
The much-hyped merger between two stalwarts, Zee Leisure Enterprises and Sony Group Corp, has been seeing delays as a consequence of varied causes.
On Might 11, NCLT had directed the exchanges to reassess and validate the non-compete clause of the merger, which was accredited by the market regulator Securities and Trade Board of India (Sebi).
The NCLT instructed the Nationwide Inventory Trade (NSE) and Bombay Inventory Trade (BSE) to assessment their approval of the Zee-Sony merger.
In June, markets regulator Sebi banned Subhash Chandra and Punit Goenka from holding the place of a director or key managerial personnel (KMP) in any listed firm or its subsidiaries till additional orders on alleged siphoning off funds from Zee Leisure.
On Thursday, Zee’s counsel instructed the tribunal that Punit Goenka isn’t the corporate; the scheme should not be held up.
In June, the NCLAT had halted the insolvency proceedings towards ZEE Leisure. A lawyer representing Zee had instructed NCLAT that the Sony deal had obtained all vital approvals however could be stalled due to the initiation of company insolvency proceedings.
Essel Group chairman Chandra and Zee Leisure Enterprises MD and CEO Goenka filed separate appeals towards the market regulator’s June 12 directive.
On Monday, the Nationwide Firm Regulation Appellate Tribunal (NCLAT) disposed of the attraction filed by promoters of Zee Leisure after the media main reached a settlement with IndusInd Financial institution following fee of all dues to the monetary creditor.
A joint utility was moved by Goenka and IndusInd Financial institution bringing on report the settlement settlement dated March 29, 2023, reached between the monetary creditor and the media and leisure agency.
In February this yr, IndusInd Financial institution moved the chapter court docket (NCPT), in search of to start out insolvency proceedings towards Zee. This transfer might have threatened the merger by stopping all transactions, together with asset transfers.
IndusInd Financial institution, in its plea, had claimed a default of Rs 83.08 crore towards the media and leisure firm promoted by Essel Group chairman Chandra.
Goenka had instructed the media that the merger between ZEE Leisure and Sony will undergo. “The ZEE-Sony merger holds immense significance, no matter my place as CEO. The ensuing entity can be underneath Sony’s management, they usually have chosen to retain me as a promoter, MD, and CEO,” he had mentioned.