NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) on Friday refused plea from Axis Finance and IDBI Bank for a stay on merger between Zee Entertainment Enterprises (ZEEL) and Culver Max Entertainment (earstwhile Sony Pictures Networks India).
The appellate tribunal has asked to list both petitions on January 8 for hearing, directing ZEEL to file a reply. A two-member bench comprising Chairman Justice Ashok Bhushan and Member Arun Baroka declined to grant stay over the merger process during the pendency of the hearing.
The private lender and the non-banking financial company have challenged the August 10 order of the Mumbai-bench of the NCLT, which approved the ZEEL-Culver Max Entertainment merger, paving way for the creation of the country’s largest media entity.
The NCLT, in its order, dismissed some applications moved by financial institutions opposing the move, including IDBI Trusteeship, IDBI Bank, Axis Finance, JC Flowers Asset Reconstruction, and Imax Corp. This was challenged by IDBI and Axis Finance before the appellate tribunal NCLAT. The matter was last listed on December 6 for hearing. However, it was adjourned to December 15 due to paucity of time.