NCLAT issues notice to Zee Entertainment, refuses to stay merger

New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Friday issued notices to Zee Entertainment Enterprise Ltd (ZEEL) over the petitions filed by IDBI Bank and AXIS Finance against an NCLT order that approved the media company’s merger with Culver Max Entertainment.

However, a two-member NCLAT bench comprising Chairman Justice Ashok Bhushan and Member Arun Baroka declined to grant any stay over the merger process during the pendency of the hearing.

The appellate tribunal (NCLAT) has directed to list both petitions on January 8 for hearing, directing Zee Entertainment Enterprise Ltd to file a reply.