Page 2 - Zeel

Zee, Sony in discussions to save the called off $10 billion merger: Report

Sony-Zee merger: Punit Goenka, managing director and chief executive officer at ZEEL, has agreed to Sony's demand of him not becoming the CEO of the merged entity

Analysts downgrade Zee Entertainment stock after Sony deal falls through

In a note, Elara has said the stock could slip to as low as Rs 130, while Nuvama Institutional Equities believes the stock could slip below Rs 200

Rs 2.1 trillion media landscape to hot up after Sony-Zee divorce

Zee's seemingly endless legal issues mean no foreign company is likely to show interest in the firm

ZEEL spent Rs 366 crore on compliances for its now-failed merger with Sony

Zee Entertainment Enterprises Ltd (ZEEL) spent Rs 366.59 crore on compliances till September 2023 for its now-failed merger with Sony, which called off the deal on Monday. The company had spent Rs 176.20 crore in the financial year that ended in March 2023. Besides, it spent Rs 190.39 crore in the first six months of the current fiscal, according to a regulatory filing by the Subhash Chandra family-promoted media entity. After signing an agreement, ZEEL was racing to receive a series of regulatory clearances from SEBI, CCI, ROC, etc. It also got a go-ahead from the National Company Law Tribunal after receiving approvals from shareholders and creditors and closed all formalities for the merger. However, Sony Group Corp on Monday called off the USD 10 billion merger of its India unit with Zee Entertainment, following a stalemate over who will lead the merged entity, besides not satisfying other conditions for the merger. It sent a termination notice to Zee on the deal, which was ...

Sony-Zee merger: ZEE promises legal action over termination notice

Culver Max and BEPL sent a termination notice with a $90 million fee to ZEEL after Sony cancelled the merger deal valued at $10 billion

Sony-Zee merger timeline: How leadership dispute ended the $10 bn deal

Sony Group Corp has called off its merger with Zee after nearly two years of negotiating the $10 billion deal, which was set to become India's fourth-largest media house

Sony may call off merger with Zee, send termination notice by Jan 20

Last month, the two companies were given a one-month grace period to close the merger of their India operations

Zee directors lose vote as clock ticks down on Sony deal deadline

Independent directors Sasha Mirchandani and Vivek Mehra "failed to get the requisite majority of votes," the company said in an exchange filing

Supreme Court agrees to hear bankruptcy plea against Zee founder

IDBI Trusteeship is the debenture trustee of 425 debentures worth Rs 425 crore issued by Essel Infraprojects Limited (EIL)

Sony-Zee merger risks collapse ahead of its deadline over CEO drama

Zee is insisting that its Chief Executive Officer Punit Goenka - also its founder's son - will helm the new entity, as agreed in the pact signed in 2021, while Sony is wary of his appointment

Sony-Zee merger may be finalised by November despite appeals from banks

IDBI Bank and Axis Finance have both filed pleas National Company Law Appellate Tribunal (NCLAT) challenging the merger

Amidst legal challenges, Zee-Sony merger could be completed by December

ZEEL had a harrowing time at the courts last week, with SAT adjourning the matter concerning the ban on Zee promoter Punit Goenka by Sebi to September 27

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

The tribunal questioned the credibility and surety of the Sebi in completing the probes within eight months

Axis Finance approaches NCLAT against NCLT approval of Zee-Sony merger

Zee-Sony merger: This comes just over a month after the NCLT's Mumbai bench approved the merger on August 10 by dismissing all applications against it

IDBI Bank files appeal against NCLT's approval of Zee-Sony merger

Private lender IDBI Bank has filed an appeal against the NCLT order approving the merger of Zee Entertainment Enterprise Ltd (ZEEL) with Culver Max Entertainment, formerly Sony Pictures Networks India. The lender has moved the National Company Law Appellate Tribunal (NCLAT) against the order. Earlier, the Mumbai bench of the National Company Law Tribunal (NCLT) on August 10, 2023, approved the proposed merger, which would create the largest media entity in the country. According to a regulatory filing by ZEEL, it "has been served with an appeal on behalf of IDBI Bank Ltd 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 amongst ZEEL, Bangla Entertainment Private Limited and Culver Max Entertainment". The NCLT had dismissed the objections raised by several lenders of ZEEL, including IDBI Trusteeship, IDBI Bank, Axis Finance, JC Flowers Asset Reconstruction Co and Imax

NCLAT agrees to hear IDBI Bank's appeal against ZEEL on August 31

In May 2023, the NCLT's Mumbai bench refused to entertain the IDBI's plea, stating that it was barred under Section 10A of the Insolvency and Bankruptcy Code (IBC)

ZEE shareholders reject reappointment of Alicia Yi as independent director

Shareholders of Zee Entertainment Enterprises Ltd (ZEEL) have rejected a proposal for reappointment of Alicia Yi as an independent director on the company board. The special resolution for reappointment of Alicia Yi got only 42 per cent votes in favour as compared to 57.97 per cent against it. "Based on the votes cast by the members, the special resolution pertaining to reappointment of Alicia Yi as an independent director of the company for a second term of 3 years has failed to receive a requisite number of votes in favour," ZEEL said in a late-night regulatory filing on Thursday. Hence, she vacates the office of independent director with effect from July 13, 2023, it added. "The board shall take necessary steps for complying with the requirement of the Companies Act, 2013 and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the purpose of having the optimum composition of Board of Directors of the company," it said ..

IndusInd Bank says all dues cleared by ZEEL, NCLAT disposes of appeal

The tribunal has asked both parties to pay the cost of the interim resolution professional for the period the case was under the resolution process

Zee-Sony merger is at risk after Sebi order, says BofA Securities

The US-based brokerage doesn't have any price target, given the uncertainty surrounding the merger and pressure on revenue growth due to slower ad spending

Zee Ent, UPL: 5 Nifty 500 stocks flash bearish signals, may fall up to 15%

Technically, stocks inversely proportionate to the benchmark indices' trend are safe to bet during weakness.