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The National Company Law Tribunal (NCLT) has withdrawn its previous approval for the merger between Zee Entertainment Enterprises and Sony Group Corporation’s India media units, Culver Max Entertainment and Bangla Entertainment, The Economic Times reported.
This decision, passed by the Mumbai bench on September 5, effectively halts the merger that would have created India’s second-largest media and entertainment conglomerate, poised to rival the proposed Star India-Viacom18 entity.
Zee had initially sought the NCLT‘s sanction for the merger through an application filed on August 29. The company requested that the NCLT recall its earlier order, dated August 10, 2023, which had approved the merger scheme. The request for withdrawal was motivated by unspecified concerns from Zee’s side.
The NCLT’s division bench, comprising Justices Charanjeet Singh Gulati and Lakshmi Gurung, granted Zee’s appeal and instructed all relevant regulatory bodies, including the Registrar of Companies and Collector of Stamps, Enforcement-I, Mumbai, to follow through with the ruling.
