New Delhi: A significant development in the ongoing dispute surrounding the merger of Zee Entertainment and Sony Pictures Networks India has unfolded. Axis Finance and IDBI Bank, along with IDBI Trusteeship Services, have officially withdrawn their petitions challenging the National Company Law Tribunal (NCLT) order approving the merger.
The decision comes on the heels of the NCLT’s earlier withdrawal of its own merger order, a move that followed a settlement between Zee Entertainment and Sony Pictures Networks India. As part of the settlement, both parties agreed to drop all claims against each other.
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The merger, valued at approximately USD 10 billion, had faced opposition from various financial institutions, including IDBI Trusteeship, IDBI Bank, Axis Finance, JC Flowers Asset Reconstruction Co, and IMAX Corp. Following the NCLT’s initial approval in August 2023, IDBI and Axis Finance had escalated the matter to the National Company Law Appellate Tribunal (NCLAT).
With the withdrawal of these petitions, the path appears clear for the completion of the Zee-Sony merger, a significant consolidation in the Indian media landscape.
