After IDBI Bank, Axis Finance challenges NCLT nod to Zee-Sony merger

New Delhi: Axis Finance has moved the NCLAT challenging the NCLT approval for the Zee Entertainment-Sony merger.

“Company has been served with an appeal on behalf of Axis Finance Limited against the Company before the NCLAT, Delhi, challenging the order dated August 10, 2023 passed by NCLT, Mumbai Bench, dismissing the Interlocutory Application No. 124 of 2022 in CP (CAA) No. 209 of 2022 in CA (CAA) No. 204 of 2022 and approving the composite scheme of arrangement among Zee Entertainment Enterprises Limited, Bangla Entertainment Private Limited and Culver Max Entertainment Private Limited (formerly Sony Pictures Networks India Private Limited)," Zee Entertainment said in a stock exchange filing.

Earlier, on September 5, IDBI Bank had also moved the NCLAT against the NCLT nod for the merger.

“Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time (Listing Regulations), this is to intimate you that the Company has been served with an appeal on behalf of IDBI Bank Limited against the Company before the NCLAT, Delhi, challenging the order dated August 10, 2023 passed by NCLT, Mumbai Bench, approving the composite scheme of arrangement among Zee Entertainment Enterprises Limited, Bangla Entertainment Private Limited and Culver Max Entertainment Private Limited (formerly known as Sony Pictures Networks India Private Limited)," Zee Entertainment had said.