NCLT's ZEE-Sony merger approval a big positive: Karan Taurani

economictimes.indiatimes.com:

«Whatever outcome of the SEBI-SAT would come in, it would not have any kind of an impact in terms of the NCLT order or for the merger to go through,» says Karan Taurani, Elara Securities.The objections from creditors like Axis Finance, JC Flower, Asset Reconstruction and IDBI Bank, IMAX and IDBI trusteeship about this entire merger. Now those have been summarily dismissed by the NCLT. How do you view it? I think this is a big positive.

So there are two things which have happened; one is the NCLT merger approval itself has come as per the timeline. So if you see the last hearing, it was on the 10th of July and within four weeks the approval has come. So there is no delay on that.

Secondly, it is a very strong approval because it kind of dismisses everything the claims that the creditors were making. It also has got no subject in terms of any condition to it. So there are no conditions attached to it.

Again, I think we continue to believe that the SEBI-SAT issue which is on-going right now with the Goenka family, it is a separate matter altogether. That is primarily to do with Mr Puneet Goenka being on the board of the company or being as a KMP of the company or not. And this is a separate issue altogether.

And it has clearly mentioned that Mr. Punit Goenka also has stepped on the side lines. He has moved out of the board.

He has moved away from day-to-day operations. And whatever outcome of the SEBI-SAT would come in, it would not have any kind of an impact in terms of the NCLT order or for the merger to go through.The merger is going to go through and we would see the final creation of a $10 billion media giant. You do not see any possibilities that those people and the companies that were raising objections to this deal