Zee Entertainment requests Sony India to extend the deadline for merger
Zee Entertainment Enterprises Ltd. The development occurred amid the looming deadline for completing a planned merger with Sony Group Corp.’s India unit.
Independent directors Sasha Mirchandani and Vivek Mehra “failed to get the requisite majority of votes," the company said in an exchange filing. Zee Entertainment and Sony have failed to build a consensus on whether Zee Chief Executive Officer Punit Goenka will lead the firm after the completion of any potential deal to create a $10 billion media giant.
Zee is insisting its partner to move ahead with the agreement that was signed in 2021. As per the pact, Goenka, also the son of Zee founder Subhash Chandra, will helm the new entity.
However, Sony is wary of appointing Punit Goenka given a regulatory probe against the executive, reported Bloomberg citing inputs from people familiar with the matter. On Thursday, the company announced the resignation of its non-executive director Adesh Gupta.
He stepped down from the position citing personal reasons, the company said in its stock exchange filing. Milestone Alert!
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