NCLT asks Sony to file reply in three weeks on petition seeking revival of merger with Zee

New Delhi: The National Company Law Tribunal (NCLT) Mumbai on Tuesday granted three weeks to Sony Pictures Networks India to file its reply to an application seeking the implementation of a $10 billion merger between Sony and Zee Entertainment Enterprises, media reports said.

The application has been filed by Mad Men Film Ventures, a shareholder of Zee, Bar and Bench reported.

The merger between Sony and Zee had been announced on December 22, 2021, but was called off by Sony Pictures (now Culver Max) recently.

Zee, however, sought enforcement of the scheme, which the tribunal had approved in August 2023, despite opposition from creditors like Axis Finance, JC Flower Asset Reconstruction Co, IDBI Bank, Imax Corp and IDBI Trusteeship.

Zee shareholder Mad Men Ventures has also now filed an application seeking the implementation of the merger scheme, Bar and Bench reported.

A coram of judicial member Lakshmi Gurung and a technical member Charanjeet Singh Gulati granted Sony three weeks time to file a reply to Mad Men Venture's application and posted the matter for hearing on March 12, Bar and Bench reported.