The proposed merger between Zee Entertainment Enterprises and broadcaster Sony will go before shareholders at a meeting scheduled for next month, according to the Mumbai bench of the National Company Law Tribunal (NCLT).
The NCLT ordered that a meeting of Zee Entertainment equity shareholders be called and conducted on October 14 to evaluate and, if deemed appropriate, approve the company’s merger with Culver Max Entertainment (previously Sony Pictures Networks India). The BSE and the NSE granted Zee, the television and entertainment company, clearance for its proposed merger with Culver Max Entertainment in July.
However, the Competition Commission of India expressed worries about the potential “bargaining power” the combined business may possess and said the case needed additional study, according to Reuters last week.
According to ZEE, the businesses are answering all of the CCI’s inquiries.