Zee-Sony merger: NCLAT adjourns hearing over Axis Finance plea to Friday

The National Company Law Appellate Tribunal (NCLAT) on Thursday adjourned the hearing to October 13 on a plea filed by Axis Finance against the merger of Zee Entertainment Enterprise Ltd (ZEEL) with Culver Max Entertainment, formerly Sony Pictures Networks India.

The appellate tribunal on Friday will hear another plea filed by private lender IDBI Bank, which has also challenged the August 10, 2023, order of the Mumbai bench of the National Company Law Tribunal (NCLT) approving the merger.

Counsel appearing for Axis Finance requested the tribunal to adjourn the matter to Friday when it will hear the same petition filed by IDBI Bank.

During the proceedings, senior advocates Mukul Rohatgi and Arun Kathpalia - both representing ZEEL questioned the locus standi of Axis Finance to file such a petition and opposed passing any order.

They also objected to the adjournment as IDBI's case arose out of a different set of facts, however, the appellate tribunal deferred the hearing of the case without issuing any notice over Axis Finance's plea.

Earlier, the NCLT on August 10, 2023, approved the proposed merger, which would create the largest media entity in the country.

While approving the merger, NCLT in its order, dismissed some applications moved by financial institutions opposing the move, including IDBI Trusteeship, IDBI Bank, Axis Finance, JC Flowers Asset Reconstruction Co and Imax Corp.