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Zee-Sony merger: NCLAT transfers all cases to bench led by chairperson
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₹150 crore due to a guarantee by ZEE for Siti Networks Ltd, an Essel Group entity. On 10 August, the Mumbai bench of the National Company Law Tribunal (NCLT) had approved the merger of Zee Entertainment and Sony Pictures Networks India (SPNI), paving the way for the creation of a $10-billion media giant in the country.
These dissenting creditors, including Axis Finance, JC Flower Asset Reconstruction Co, IDBI Bank Ltd, and others, mainly took issue with a non-compete clause in the merger deal. This clause entailed an Essel Group company receiving ₹1,100 crore as non-compete fees from a Sony Group company in return for Subhash Chandra's commitment not to challenge the merged entity.
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