Axis Finance has lodged an appeal with the NCLAT in Delhi, contesting the NCLT’s approval of the Zee Entertainment-Sony merger. Zee Entertainment, in a stock exchange filing, stated, “The company has received an appeal from Axis Finance Limited, challenging the NCLT Mumbai Bench’s August 10, 2023, order that dismissed Interlocutory Application No. 124 of 2022 in CP (CAA) No. 209 of 2022 in CA (CAA) No. 204 of 2022. This order also sanctioned the comprehensive scheme of arrangement involving Zee Entertainment Enterprises Limited, Bangla Entertainment Private Limited, and Culver Max Entertainment Private Limited (formerly known as Sony Pictures Networks India Private Limited).”
Earlier, on September 5, IDBI Bank had also taken the step of appealing to the NCLAT against the NCLT’s approval of the merger. Zee Entertainment had previously stated, “In accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended over time (Listing Regulations), we hereby inform you that the Company has been served with an appeal by IDBI Bank Limited against the Company before the NCLAT in Delhi. This appeal challenges the NCLT Mumbai Bench’s August 10, 2023, order that sanctioned the comprehensive scheme of arrangement among Zee Entertainment Enterprises Limited, Bangla Entertainment Private Limited, and Culver Max Entertainment Private Limited (formerly known as Sony Pictures Networks India Private Limited).”