NEW DELHI: The Mumbai bench of the National Company Law Tribunal (NCLT) has accepted a petition filed by a Zee Entertainment Enterprises (ZEEL) shareholder seeking implementation of the $10 billion merger between Sony and ZEEL. The petition was filed by Mad Men Film Ventures, a shareholder of ZEEL. The bench has issued a notice directing Sony Pictures Network India, now known as Culver Max, to file a reply within three weeks. Following this, ZEEL said that it would approach the NCLT and Singapore International Arbitration Centre (SIAC) to get the merger implemented and contest the $90 million penalty fee. NCLT has kept the next date of hearing on this matter on March 12.

Source: Indian Express January 31, 2024 02:40 UTC