Zee-Sony merger: After IDBI Bank, Axis Finance files appeal against NCLT order

Non-banking financial company Axis Finance Ltd has filed an appeal against the NCLT order to approve the merger of Zee Entertainment Enterprise Ltd (ZEEL) with Culver Max Entertainment, formerly Sony Pictures Networks India.

The lender has moved the National Company Law Appellate Tribunal (NCLAT) against the order.

This is the second financial creditor after private lender IDBI Bank, which has approached the order of the Mumbai bench of the National Company Law Tribunal (NCLT).

Earlier, the NCLT on August 10, 2023, approved the proposed merger, which would create the largest media entity in the country.