Axis Finance has filed an appeal with the National Company Law Appellate Tribunal (NCLAT) challenging the merger approval of Zee Entertainment Enterprise (ZEEL) and Sony by the National Company Law Tribunal (NCLT).
Earlier in August, the NCLT gave its nod to the merger after rejecting all objections.
In September, the private lender IDBI Bank filed an appeal against the NCLT order approving the merger of Zee Entertainment with Culver Max Entertainment. The lender moved the NCLAT against the order.
In a stock exchange filing, Zee Entertainment Enterprises (ZEEL) said, " We have 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)”.
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