The National Company Law Appellate Tribunal (NCLAT) on October 12 deferred the hearing of Axis Finance's plea challenging National Company Law Tribunal (NCLT) order approving Zee-Sony merger to October 13.

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Axis Finance's lawyer asked the tribunal to defer the hearing of the plea as IDBI's appeal against the same order is expected to come up for hearing on October 13.

Axis Finance had filed an appeal with the National Company Law Appellate Tribunal (NCLAT) challenging the National Company Law Tribunal’s (NCLT) decision to approve the merger between the company and Sony.

This information was confirmed by Zee Entertainment. The company in an exchange filling said that which stated that a notice has been served to the company by NCLAT in response to the plea submitted by Axis Finance.

"The Company has been served with an appeal on behalf of Axis Finance Limited against the Company before the NCLAT, Delhi, challenging the order dated August 10, 2023 passed by NCLT, Mumbai Bench, dismissing the Interlocutory Application No. 124 of 2022 in CP (CAA) No. 209 of 2022 in CA (CAA) No. 204 of 2022 and approving the composite scheme of arrangement amongst Zee Entertainment Enterprises Limited, Bangla Entertainment Private Limited and Culver Max Entertainment Private Limited (formerly Sony Pictures Networks India Private Limited)," read the filling.

Notably in September first week, private lender IDBI Bank has filed an appeal against the NCLT order approving the merger. The lender has moved the NCLAT against the order. Earlier, the Mumbai bench of the NCLT on August 10, 2023, approved the proposed merger, which would create the largest media entity in the country. The approval came nearly two years after the merger was announced in December 2021.

The shareholders would get 85 shares of the merged entity for every 100 shares held in ZEEL. The stock of ZEEL will get delisted and relisted as merged company after exchange procedure.

Shares of ZEE Entertainment are trading at Rs 271.65 down 1.12 percent from the previous close on the BSE.

First Published:Sept 14, 2023 1:49 PM IST