NCLAT sets aside NCLT order on Zee Entertainment-Sony India merger

The National Company Law Appellate Tribunal (NCLAT) on Friday set aside an order by the National Company Law Tribunal (NCLT), which had directed the National Stock Exchange (NSE) and BSE to review their no-objection certificate (NoC) given for the Zee-Sony merger.

The appellate tribunal gave the order on an appeal filed by Zee Entertainment Enterprises Ltd (ZEEL) against the verdict by the Mumbai Bench of the NCLT on May 11.

The appellate tribunal set aside the NCLT order on grounds of “violation of principles of natural justice”.

The NCLAT said Zee should have been heard, and sent the case back to the NCLT.