99.99% of Zee Entertainment shareholders vote for merger with Sony

Attention will likely shift back to the Competition Commission, which had granted conditional approval to the proposed deal last week

Zee Entertainment Enterprises (ZEEL) on Friday said that nearly 100 per cent of its shareholders had approved its proposed merger with Sony Pictures Networks (SPN) India. Zee had convened a meeting of its shareholders on Friday, following directions of the Mumbai bench of the National Company Law Tribunal (NCLT) in August.

Disclosing its voting results to the stock exchanges on Friday evening, the company said that 99.99 per cent of equity shareholders had approved the proposed merger.

In a statement, ZEEL’s MD & CEO, Punit Goenka said that the development would strengthen its abilities to move forward in the merger