NCLT approves Zee Ent-Sony Merger

NCLT has officially in its latest order dismissed all objections in the Zee Ent-Sony Merger Case.

NCLT has officially in its latest order dismissed all objections in the Zee Ent-Sony Merger Case. The said merger was between Zee Entertainment Enterprises Ltd and India’s unit of Japan’s Sony which was earlier announced in 2021.

Zee Entertainment shares hit a nearly 20% upper circuit at Rs 290.50 on the BSE after the report. However, the stock closed 17.95 per cent higher at Rs 285.55.

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This was not the easy set of events investors were determining it to be as this came after national market regulator SEBI in June banned Subhash Chandra and Punit Goenka. From holding their board positions in the publicly listed companies for a year.

They had been booked for diverting operational funds and other cashflow to other listed group companies and firms related to founding shareholders which violated the market regulations and controlling statutes.