NCLT has postponed the hearing on the Sony-Zee merger case to July 10. The case is being heard by a bench comprising judicial member HV Subba Rao and technical member Madhu Sinha. 

Zee Entertainment Enterprises Limited (ZEEL) was represented by Senior Advocate Janak Dwarkadas, who informed the court that the scheme of arrangement between ZEEL and Culver Max Entertainment (Sony) has received approval from 99.97% of the company’s shareholders and regulatory bodies like BSE, NSE, and the Competition Commission of India (CCI), Economic Times reported.

Regarding the non-compete fee that Sony will pay to ZEEL promoters, Dwarkadas argued that the amount of Rs 1,100 crore would be reinvested as share capital in the merged entity. He also mentioned that the interim order issued by SEBI against ZEEL Chairman Emeritus Subhash Chandra and MD Punit Goenka was an ex parte order without any show cause. The matter is currently before the Securities Appellate Tribunal (SAT), which has reserved its order.