Axis Finance moves NCLAT against NCLT order approving Zee-Sony merger

Axis Finance said it has filed an appeal in the National Company Law Appellate Tribunal (NCLAT) against the National Company Law Tribunal’s (NCLT) nod to the Zee-Sony merger. This comes just over a month after the NCLT’s Mumbai Bench approving the merger on August 10 by dismissing all applications against it. The $10 billion merger was originally announced in 2021. The plan hit problems after the Securities and Exchange Board of India (Sebi) banned Zee’s chief executive officer (CEO) Punit Goenka, who had been lined up to run the merged entity, from the board of listed companies for a year.  Zee later formed an interim committee under the supervision of its board to run operations after Punit Goenka failed to get the ban overturned on appeal. Meanwhile, the Securities Appellate Tribunal posted the next hearing for Zee promoter Punit Goenka’s appeal against Sebi’s order  to September 27. The tribunal questioned the credibility and surety of the Sebi in completing the probes within eight months.