Zee Sony merger: A bench headed by the chairman of appellate tribunal NCLAT will hear the plea of Axis Finance and IDBI Bank against the merger of Zee Entertainment and Culver Max Entertainment (formerly Sony Pictures Networks India).
The petitions of Axis Finance and IDBI Bank were put up for hearing on Tuesday before a bench of Justices Anant Vijay Singh and Arun Baroka of the National Company Law Appellate Tribunal (NCLAT). But both these petitions were transferred to the Chairman’s bench.
Why Zee Sony merged together?
The bench said that the bench led by the chairperson is already hearing the bankruptcy appeal of IDBI Bank against Zee Entertainment Enterprises. Hence it would be appropriate that the same bench hears these two petitions also.
In these petitions, the order issued on August 10, 2023 by the Mumbai bench of the NCLT has been challenged. In that order, along with approving the merger of Zee Entertainment and Culver Max, the way was cleared for the formation of the country’s largest media company.
Earlier these petitions were listed before the NCLAT bench of Justice Rakesh Kumar and Justice Alok Srivastava. Justice Rakesh Kumar had resigned on Monday after the Supreme Court initiated contempt proceedings against him in the Finolex case. After this the petitions were listed before another bench. From there he was transferred to the bench of Chief Justice Ashok Bhushan of the Appellate Tribunal.
The National Company Law Appellate Tribunal (NCLAT) is a quasi-judicial body established under the Companies Act, 2013. It serves as the appellate authority for hearing appeals against orders passed by the National Company Law Tribunal (NCLT).
NCLAT hears and disposes of appeals against orders of the NCLT related to company law matters, including insolvency and bankruptcy cases, mergers, demergers, and other corporate disputes.
The NCLAT includes a Chairperson, 3 judicial members, and 2 technical members. It consists of a total of not more than eleven members. The Tribunal has both judicial and technical benches to deal with matters requiring legal and technical expertise.
NCLAT primarily deals with corporate matters, it also handles cases related to competition law and other regulatory issues.
Yes, decisions of NCLAT can be challenged by filing appeals before the Supreme Court of India.
Ashok Bhushan, retired judge of Supreme Court is the current chairman of National Company Law Appellate Tribunal.
ZEE Entertainment Enterprises Limited is a media and entertainment company in India. It operates in entertainment industry, including television broadcasting, digital content, films, and more.
Zee Entertainment owns and operates these channels: Zee TV, Zee Cinema, Zee News, Zee Music, and many regional channels.
ZEE5 is Zee Entertainment’s digital entertainment platform. It provides TV shows, movies, web series, and original productions.
Punit Goenka is the CEO of Sony ZEE merger.
Culver Max Entertainment.