The Zee-Sony merger case may be taken up by the National Company Law Appellate Tribunal (NCLAT) today. As per a report, the NCLAT is likely to hear Zee Entertainment’s petition, challenging the National Company Law Tribunal (NCLT’s) order today.
According to a report in the Economic Times, this Zee-Sony merger issue, from the angle to Zee’s petition is likely to be taken up for hearing on Friday. Zee filed this plea challenging NCLT’s May 11 order asking the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) to reconsider their initial approvals for the merger.
However, please note that it is not certain if the matter will be taken up today.
As reported before, ZEEL challenged the NCLT order on the grounds that it was not given adequate opportunity to present its side of the argument. It even argued that the NCLT did not have jurisdiction over issues of non-compete fees and others.
Soon after the NCLT order in Zee-Sony merger came out, reports surfaced suggesting that Zee Entertainment may consider going to NCLAT for this. No sooner did the reports came, than ZEEL approached the NCLAT with its petition, challenging the order.
The NCLT order in the Zee-Sony merger also asked NSE and BSE to reassess the entire approvals stance and issue updated no-objection certificates before the next hearing. As per last media reports, the next hearing is scheduled for June.