The National Company Law Appellate Tribunal (NCLAT) has deferred the hearing in Zee Entertainment Enterprises Limited’s (ZEEL) petition against the National Company Law Tribunal’s (NCLT) May 11 order directing stock exchanges to reconsider their initial approvals of the Sony-Zee merger. The matter is likely to come up for hearing on Friday.
ZEEL has challenged the NCLT order on the grounds that it was not provided adequate opportunity to present its side of the argument and that the tribunal doesn’t have jurisdiction over issues like non-compete fees.
The Mumbai bench of the NCLT had directed the National Stock Exchange (NSE) and BSE to reconsider their respective initial approvals for the Zee-Sony union and issue updated no-objection certificates before the next hearing.
Source: Economic Times