Curated By: Business Desk
Last Updated: September 06, 2023, 11:47 IST
NCLT earlier reserved its verdict on the merger on July 10.
On August 10, NCLT approved the merger of Zee Entertainment Enterprises and Culver Max Entertainment.
IDBI Bank has filed an appeal against the National Company Law Tribunal (NCLT) order that approved the mega-merger between Zee Entertainment Enterprises Ltd and Culver Max Entertainment (formerly known as Sony Pictures Networks India), a regulatory filing showed on Tuesday. The appeal against the NCLT verdict has been filed by the state-run lender before the Delhi bench of the National Company Law Appellate Tribunal (NCLAT).
The statement said, “This is to inform you that the company has been served with an appeal on behalf of IDBI Bank Limited against the Company before the NCLAT, Delhi.”
On August 10, NCLT approved the merger of Zee Entertainment Enterprises and Culver Max Entertainment along with granting a key regulation approval in the merger which was announced in 2021 but had been stalled for multiple reasons. It dismissed the objections raised by lenders including IDBI Trusteeship, IDBI Bank, Axis Finance, JC Flowers Asset Reconstruction Co and Imax Corp. Notably, NCLT had previously reserved its verdict on the merger of the companies on July 10.
In December 2021, Zee Entertainment and Sony Pictures reached an agreement to combine their businesses. Later, both media companies approached the tribunal to seek approval for the merger, having already obtained necessary permissions from the National Stock Exchange (NSE), Bombay Stock Exchange (BSE) and other regulatory bodies like the Securities and Exchange Board of India (SEBI) and Competition Commission of India (CCI).
On June 17, Zee CEO Punit Goenka, who was recently barred from SEBI from holding any managerial position, told its company’s employees that the merger is at a “very important juncture” and its completion is “in the interests of all stakeholders”.
On Tuesday, the stock price for Zee Entertainment Enterprises closed at Rs 274.85 on BSE, up 3.54 per cent. On Wednesday, it opened with Rs 280.40.
