The National Company Law Tribunal (NCLT) has withdrawn its approval for the merger scheme between Zee Entertainment Enterprises and Sony Group Corporation’s India media entities, Culver Max Entertainment and Bangla Entertainment.
The order passed by the Mumbai bench of the NCLT on September 5 brings the curtain down on the failed merger deal that could have created India’s second-largest media and entertainment company, rivalling the proposed Star India-Viacom18 combined entity.
The NCLT’s division bench of Justices Charanjeet Singh Gulati and Lakshmi Gurung allowed and disposed of Zee’s appeal, which sought directions to all concerned regulatory and statutory authorities, including the Registrar of Companies, Mumbai, and Collector of Stamps, Enforcement-I, Mumbai, to act on its order copy.
“Accordingly, this bench allows the withdrawal of the scheme of amalgamation and hereby recalls the order dated 10.08.2023,” the bench said in its order.
Source: Economic Times