Zee Entertainment Enterprises

Sony, Zee have one-month grace period to complete $10 billion merger

21Dec

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Sony, Zee have one-month grace period to complete $10 billion merger

Incidentally, all three channels belong to the Zee network By P R Sanjai and Debjit Chakraborty Sony Group Corp. and Zee Entertainment Enterprises Ltd. have a one-month grace period starting Thursday to close the merger of their India operations that will create a $10 billion media behemoth, according to people familiar with the matter. A 30-day period after the Dec. 21 deadline was included in the merger pact signed in 2021 if either party sought more time, said people familiar with the discussions who didn’t want to be identified as the information is private. Zee is hopeful of tying up loose ends before the grace period is over, they said. Mumbai-based Zee, however, requested for an extension in a Dec. 17 filing, without specifying how much time it was seeking. ...

Zee-Sony Merger: NCLT approves the merger, dismisses all objections

In December 2021, Zee Entertainment and Sony Pictures reached an agreement to combine their businesses The National Company Law Tribunal (NCLT) on Thursday approved the Zee-Sony merger, according to the news agency Reuters. The NCLT had initially reserved its verdict on the merger between Zee-Sony on July 10. The Mumbai bench of the NCLT, which comprised of H V Subba Rao and Madhu Sinha, had reserved the judgment after listening to objections from creditors such as Axis Finance, JC Flower Asset Reconstruction Co, IDBI Bank, Imax Corp, and IDBI Trusteeship who raised concerns about the scheme. In December 2021, Zee Entertainment and Sony Pictures reached an agreement to combine their businesses, and both companies approached the tribunal to seek approval for the merger....

Zee Entertainment forms interim committee to run operations; shares up 6.3%

BENGALURU (Reuters) - Zee Entertainment Enterprises on Monday said it formed an interim committee to run operations after ex-chairman Subhash Chandra and CEO Punit Goenka failed to overturn the market regulator's ban on them holding board positions. The interim committee will be under the supervision of Zee's board, a company spokesperson said. The Securities and Exchange Board of India in June banned Chandra and Goenka from holding board positions in publicly listed companies for a year, alleging they were actively involved in diverting funds to the group's other listed entities and firms related to founding shareholders. Last week, the Security Appellate Tribunal refused to vacate the regulator's decision, saying it did not find any illegality or irrationalit...