New Delhi (India), 17th June 2023: The National Company Law Tribunal has postponed its impending hearing on the prospective Zee-Sony merger. Zed Entertainment Enterprises Ltd will merge with a subsidiary of Sony Group Corp. to form a $10 billion media conglomerate.
The news comes just days after the SEBI barred Punit Goenka and Essel Group chairman Subhash Chandra from holding any significant managerial posts.
The matter was supposed to be heard on Friday. The tribunal has now rescheduled the hearing for June 26, according to an update given by CNBC-TV18.
The NCLT had ordered the NSE and BSE to rethink their approval of the Zee-Sony merger, but the order was eventually overturned by the National Company Law Appellate Tribunal. A two-member NCLAT court noted near the end of May that the order violated the “principle of natural justice.”
It was stated that Zee Entertainment was not given an opportunity to reply to the matter of Shirpur Gold Refinery, a Subhash Chandra-led Essel Group company.
The NCLT’s ruling on May 11 came after the BSE and NSE counsels made new arguments against the merger scheme, highlighting the Sebi order on Shirpur Gold Refinery. The names of the Zee promoters have featured there in connection with the diversion of cash.
The NCLT said, “The exchanges should also review and confirm that the non-compete clause of the scheme has been reviewed and approved by them and SEBI, and the manner of payment of non-compete fee from one Mauritius Entity to another is in compliance with the SEBI policies in this regard.”
