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The National Company Law Tribunal’s Mumbai bench has issued a notice on Zee Entertainment‘s plea seeking the implementation of merger with Sony Pictures‘ India arm. The tribunal will take up the case on March 12, according to a report in Economic Times today.
According to Economic Times, Sony Group’s India units filed applications before the NCLT challenging the maintainability of Zee’s application seeing implementation of merger.
The NCLT has clubbed Zee’s plea with that of its shareholder Mad Man Film Ventures, which has been termed as a proxy of the Indian broadcaster. Mad Man Film Ventures previously approached the NCLT seeking implementation of the merger scheme between Sony and Zee.
The tribunal issued notices to Culver Max (formerly known as Sony Pictures Network India) and Bangla Entertainment (BEPL) asking them to file a reply on Zee’s application.
Following NCLT’s listing of the plea, Zee’s share prices climbed out of day’s low to trade up 1.4 percent as of 11:35.
