- Advertisement -
MUMBAI: The National Company Law Appellate Tribunal (NCLAT) has set aside the NCLT-Mumbai order directing inventory exchanges to reassess their approvals granted for the merger of Zee Entertainment Enterprises with Culver Max Entertainment (earlier often called Sony Pictures Networks India).
Without going into the deserves of the matter, the NCLAT on Friday set aside the order handed by NCLT-Mumbai on the bottom of violation of rules of pure justice. It remitted the matter again to the NCLT, for it to look at the identical after listening to Zee’s aspect of the argument.
It so occurred that when the Zee-Sony merger proceedings had been in prgress at NCLT-Mumbai, the BSE and the NSE dropped at the tribunal’s consideration Sebi’s present-trigger discover to Shirpur Gold Refinery, a part of the Essel Group (which can be the promoter of Zee), alleging diversion of funds and violations of regulatory provisions. The inventory exchanges additionally positioned earlier than the tribunal Sebi’s April 25, 2023, order on Shirpur that banned sure people, together with its former chairman Amit Goenka, the youthful son of Essel Group chieftain Subhash Chandra Goenka, from promoting or disposing of their shareholdings.
The two exchanges had already given their no-objection certificates to the merger.
Without going into the deserves of the matter, the NCLAT on Friday set aside the order handed by NCLT-Mumbai on the bottom of violation of rules of pure justice. It remitted the matter again to the NCLT, for it to look at the identical after listening to Zee’s aspect of the argument.
It so occurred that when the Zee-Sony merger proceedings had been in prgress at NCLT-Mumbai, the BSE and the NSE dropped at the tribunal’s consideration Sebi’s present-trigger discover to Shirpur Gold Refinery, a part of the Essel Group (which can be the promoter of Zee), alleging diversion of funds and violations of regulatory provisions. The inventory exchanges additionally positioned earlier than the tribunal Sebi’s April 25, 2023, order on Shirpur that banned sure people, together with its former chairman Amit Goenka, the youthful son of Essel Group chieftain Subhash Chandra Goenka, from promoting or disposing of their shareholdings.
The two exchanges had already given their no-objection certificates to the merger.
- Advertisement -