After IDBI Bank, now Axis Finance files plea in NCLAT against NCLT nod for Zee-Sony merger
Zee Entertainment has been served with an appeal by Axis Finance against it in the NCLAT, Delhi challenging the NCLT's nod for its merger with Culver Max Entertainment, formerly known as Sony Pictures Networks India, the company said in a stock exchange intimation on Thursday.
The Mumbai bench of the National Company Law Tribunal on August 10 granted approval l to the composite scheme between Zee, Sony, and Bangla Entertainment, a subsidiary of Sony. The NCLT had dismissed the objections raised by several lenders of ZEEL, including IDBI Trusteeship, IDBI Bank, Axis Finance, JC Flowers Asset Reconstruction Co and Imax Corp.
Now, this order has been challenged before the NCLAT.
Recently, IDBI Bank also moved the appellate tribunal to challenge the Mumbai bench's approval for the merger.
In August 2023, the Bombay High Court dismissed an application filed by Axis Finance to implead Zee, Essel Mauritius, and Sony in its commercial summary suit against ZEEL promoter Subhash Chandra Goenka and others. The company was seeking to recover Rs 146 crore from Subhash Chandra Goenka.
IDBI Bank is also contesting another matter against ZEEL before the NCLAT, in which the appellate tribunal has issued notice to the Subhash Chandra-family-led entertainment firm.
The private lender has challenged the NCLT order, which on May 19, rejected a plea to initiate insolvency proceedings against the media major.
In December 2021, Zee Entertainment and Sony Pictures agreed to merge their businesses.
