Zee-Sony merger: IDBI Bank files appeal against NCLT order

MUMBAI: IDBI Bank has moved the appellate tribunal to challenge the National Company Law Tribunal’s approval for Sony-Zee merger, a move that could delay the big-ticket deal that has been approved by stock exchanges and the Competition Commission of India.

In a disclosure to the stock exchanges, Zee Entertainment Enterprise Ltd (ZEEL) said the company has been served with an appeal on behalf of IDBI Bank before the National Company Law Appellate Tribunal (NCLAT).

The lender has challenged NCLT order on August 10 granting approval to the composite scheme between ZEEL, Culver Max Entertainment (Sony), and Bangla Entertainment, a subsidiary of Sony, which would create a $10-billion media giant.