NCLT reserves order on Zee-Sony merger scheme
Mumbai bench of the National Company Law Tribunal (NCLT) has reserved its order on the merger scheme between Zee Entertainment Enterprises (ZEE) and Culver Max Entertainment (Sony). The division bench of judicial member HV Subba Rao and technical member Madhu Sinha, while reserving the order on the scheme matter, allowed parties to file their written submissions.
Before that, senior counsel Janak Dwarkadas represented ZEE and stated that non-creditor objectors in the matter, who are not even the company's creditors, are holding the merger to ransom. «Currently, 70% of the equity is held by the public institutions, who are lenders, while about 25.88% is held by public non-institutions, and merely 3.99% is held by promoters,» argued Dwarkadas.
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