Media conglomerate Zee Entertainment Enterprises Ltd (ZEE) has recently approached the Mumbai bench of the National Company Law Tribunal (NCLT) with a plea to request Sony Pictures Networks India Pvt Ltd (SONY) to honor its obligations under the merger deal that was initiated last year. ZEE is seeking intervention from the tribunal to ensure that the merger between the two companies proceeds as agreed upon.
The merger deal, which was announced in December 2019, involved Sony Pictures Networks India acquiring a 100% stake in ZEE for a total consideration of Rs. 52,000 crore ($7.1 billion). This move was deemed as a significant consolidation within the Indian media industry, aiming to create a powerhouse in the entertainment sector.
