The National Company Law Appellate Tribunal (NCLAT) has deferred the hearing of appeals contesting approval for the Zee-Sony merger to March 18.
IDBI Bank, IDBI Trusteeship, and Axis Trusteeship had contested the National Company Law Tribunal (NCLT) sanction from August endorsing the merger.
Since the last hearing in early January, Sony has called off the merger, citing Zee’s failure to meet certain financial terms and address them, as reported by Reuters. Zee refuted the claims and accused Sony of acting in “bad faith.”
Following the termination, Zee shareholders have sought clarity on the events leading to it, with ongoing litigation urging Sony to uphold the merger at the NCLT in Mumbai.
NCLAT Litigation Overview:
- On December 15, NCLAT declined to stay the Zee-Sony merger, emphasizing the need to hear the case on its merits.
- On October 31, the cases were transferred to a bench chaired by Justice (retd) Ashok Bhushan.
- On October 12, ZEEL’s legal team argued against issuing any orders, disputing the locus standi of Axis Finance and objecting to adjournment.
- The NCLT initially approved the merger on August 10, despite creditor concerns, setting the stage for a $10-billion media conglomerate in India.
