NCLT recalls order on Zee-Sony merger, allows withdrawal of scheme

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NCLT recalls order on Zee-Sony merger, allows withdrawal of scheme - Business Standard

Quick Summary:

The Mumbai bench of the NCLT had last week recalled its order passed on August 10, 2023, in which it had approved the merger of Zee Entertainment with Sony Pictures Networks India.

The National Company Law Tribunal (NCLT) has allowed withdrawal of its order approving the merger of Zee Entertainment and Sony Pictures Networks India and recalled its earlier order passed in this regard.

The bench observed the parties have "mutually consented" to withdraw the scheme on account of the settlement agreement and the board of directors has passed the resolutions to withdraw the scheme of amalgamation.