Dismissing all the objections raised by some lenders including Axis Finance, JC Flowers Asset Reconstruction Co, IDBI Bank, Imax Corp, and IDBI Trusteeship against the proposed merger, the National Company Law Tribunal (NCLT) has approved the merger of Zee Entertainment Enterprises with Culver Max Entertainment (erstwhile Sony Pictures Networks India or SPNI).
The ruling, pronounced as an oral order, came a month after the tribunal reserved its verdict after hearing objections from creditors on July 11.
Zee needs to file with the registrar of companies within 30 days, after that shares of the company will be de-listed from the stock exchange. The merged company needs to get re-listed in another six weeks. The merger is expected to be completed by mid-November.
With this merger, Zee and Sony will become the country’s largest media company.