NCLT adjourns Zee Entertainment lenders' pleas against merger to Feb 2

The matter had come up in the NCLT court on Thursday, where IndusInd Bank, Axis Finance and IDBI Bank had sought permission to file applications to intervene in the proposed merger

Sony, Zee
The Indian Performing Right Society (IPRS), an operational creditor of Zee, is also part of the proceedings, it is reliably learnt.
BS Reporter
1 min read Last Updated : Jan 12 2023 | 10:35 PM IST
The Mumbai bench of the National Company Law Tribunal (NCLT) has adjourned the matter of Zee Entertainment lenders looking to prevent a merger between Zee and Sony to February 2.

The matter had come up in the NCLT court on Thursday, where IndusInd Bank, Axis Finance and IDBI Bank had sought permission to file applications to intervene in the proposed merger, according to informed sources.

The Indian Performing Right Society (IPRS), an operational creditor of Zee, is also part of the proceedings, it is reliably learnt.

A mail sent to Zee Entertainment elicited no response till the time of going to press.

But last week, IPRS had filed an application at the NCLT, Mumbai to claim dues worth Rs 211 crore towards royalty payment.

Zee had said that it would contest this. Similarly, last month, IDBI Bank, a financial creditor, had moved NCLT, Mumbai seeking Rs 149.60 crore in dues. 

One subscription. Two world-class reads.

Already subscribed? Log in

Subscribe to read the full story →
Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

Topics :SonyNCLTZee Entertainmentmerger

Next Story