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Petition Withdrawal: Axis Finance, IDBI Bank, and IDBI Trusteeship Services have withdrawn their petitions against the Zee-Sony merger at NCLAT ¹.
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Merger Dispute: Zee Entertainment and Sony Pictures Networks India settled their six-month-long dispute related to the failed $10-billion merger on August 27 ¹.
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NCLT Order: The Mumbai Bench of NCLT had approved the merger of ZEEL and Sony on August 10, 2023, but later recalled the order after ZEE applied for withdrawal ¹.
Axis Finance, IDBI Bank, and IDBI Trusteeship Services have withdrawn their petitions against the Zee-Sony merger at the National Company Law Appellate Tribunal (NCLAT). This development comes after the National Company Law Tribunal (NCLT) recalled its earlier order approving the merger of Zee Entertainment with Sony Pictures Networks India [1).
The NCLT recalled the order after ZEE applied for withdrawal, citing that the merger agreement had been terminated and the scheme had not attained any effectiveness ¹. Zee Entertainment and Sony Pictures Networks India announced settling their six-month-long dispute related to the failed $10-billion merger on August 27 and agreed to withdraw all claims against each other ¹.
The proposed merger, valued at $10.5 billion, would have created a media entity in the country. However, Sony pulled out of the merger in January, citing Zee Entertainment’s failure to meet certain “closing conditions” ¹. The two companies had agreed to merge on December 22, 2021.
The withdrawal of petitions marks the end of the dispute between Zee Entertainment and Sony Pictures Networks India, bringing closure to the proposed merger.
Axis Finance, IDBI Bank & IDBI Trusteeship Services withdraw petitions against Zee-Sony merger at NCLAT: Report
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