New Delhi : Now a news of relief has come regarding the merger of the two biggest companies of the entertainment segment. Axis Finance, IDBI Bank and IDBI Trusteeship Services have withdrawn the petitions filed in NCLT against this merger. Actually, NCLT had ordered to approve the merger of these two companies, against which these banks had filed a petition before the Appellate Tribunal to reject this merger.
While allowing the withdrawal of the petitions, the National Company Law Appellate Tribunal (NCLAT) said that the National Company Law Tribunal (NCLT) had earlier this month withdrawn its order dated August 10, 2023, approving the merger of Zee Entertainment with Sony Pictures Networks India. A bench of NCLAT Chairperson Justice Ashok Bhushan and Member Barun Mitra said, “Counsel for the appellants submits that the NCLT has already withdrawn the merger plan. Therefore, the appellants pray that they be permitted to withdraw the appeal. The prayer is accepted.”
NCLT withdrew the decision
NCLT had withdrawn its order after Zee applied for withdrawal of the order. The company had said that the overall plan to pursue the merger agreement has come to an end. Hence, the closing date in this case has not arrived and the plan has not moved forward.
approval of the merger
Zee Entertainment and Sony Pictures Networks India on August 27 announced the settlement of their six-month-old dispute related to the failed $10 billion merger and agreed to withdraw all claims against each other. The Mumbai bench of the NCLT had earlier approved the merger of Zee and Sony on August 10, 2023. This would have created a $10.5 billion media entity in the country.
It is worth noting that a proposed merger agreement of $10 billion was to be signed between Zee Entertainment and Sony Pictures, which was cancelled for some reason. After its cancellation, a new dispute started, which has now been resolved.
(With agency input)
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