NCLT Mumbai approves Zee-Sony merger scheme

MUMBAI: The National Company Law Tribunal (NCLT), Mumbai bench, on Thursday approved the merger scheme between Zee Entertainment Enterprises (ZEE) and Culver Max Entertainment (Sony). The NCLT Judicial member HV Subba Rao and technical member Madhu Sinha pronounced the much anticipated order after 2.30 pm.

Senior counsel Janak Dwarkadas for Zee group argued that a mere four percent equity was held by the family as promoters while
70% of the equity is held by the public institutions, who are lenders and about 25.88% is held by public non-institutions.