Bankruptcy court rejects plea to implement Zee-Sony merger
bankruptcy court recently disposed of an application filed by Phantom Studios India (PSIPL), which sought to implement a merger scheme between Zee Entertainment Enterprises (ZEEL) and Sony Group companies Bangla Entertainment Private (BEPL) and Culver Max Entertainment (CMEPL).
The National Company Law Tribunal bench ruled that the application from a minor shareholder, seeking to enforce the scheme, is moot. It said that the shareholder's right to enforce the scheme lapsed after the companies' boards approved the scheme's withdrawal, despite his minor shareholding.
PSIPL, formerly known as Mad Man Film Ventures, owned about 1.3 million shares of Zee Entertainment, valued at around ₹50 crore, at the time of the tribunal filing.
Last month, the tribunal officially withdrew its approval for the proposed $10 billion merger between ZEEL and Sony's Indian media entities, CMEPL and BEPL.
«During the course of the hearing, we were informed that the PSIPL has attended the meeting of shareholders and voted in favour of the scheme. As Section V para 10 permits the withdrawal by parties, the PSIPL cannot insist on the implementation of the scheme,» said the division bench of judicial member Lakshmi Gurung and technical member Charanjeet Singh Gulati in its October 24 order.
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