NCLT adjourns Zee-Sony merger case to July 10

The National Company Law Tribunal (NCLT) has adjourned the matter regarding the merger between Zee and Sony to July 10.

During the hearing, Zee's counsel argued before the tribunal that the company's CEO and MD Punit Goenka should not be considered synonymous with the company itself and therefore the scheme should not be delayed, according to news reports.

Senior Advocate Janak Dwarkadas, representing Zee Entertainment Enterprises Limited, said that the scheme of arrangement between Zee and Sony has been approved by 99.97% of shareholders of the company and regulatory bodies like NSE, BSE and the Competition Commission of India (CCI).

Addressing the matter of the non-compete fee to be paid by Sony to ZEEL promoters, Dwarkadas emphasised that Rs 1,100 crore will be redeployed as share capital in the merged entity.

On SEBI's interim order against Zee Chairman Subhash Chandra and Goenka, he noted that it was an ex parte order without show cause. He stated that the interim order is currently being reviewed by the Securities Appellate Tribunal (SAT), which has reserved its decision on the matter.

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