The Mumbai Bench of the National Company Law Tribunal (NCLT) has directed Zee Entertainment Enterprises Ltd (ZEEL) to convene a shareholders’ assembly to hunt approvals for its proposed merger with rival Sony Pictures Networks India (SPNI). The tribunal, in its order pronounced on August 24, had directed ZEEL to carry the assembly on October 14, at 4 pm by means of videoconferencing and different audio-visual means.
NCLT additionally named a chairperson and scrutiniser for the assembly, as per a regulatory replace by ZEEL, which added that the order was acquired on Wednesday.
According to earlier studies, the Competition Commission of India (CCI) has raised considerations over the merger, which might create a $10-billion TV enterprise and its “unparalleled bargaining power” would probably damage competitors. FE
