The deal which was signed on December 21, 2021, to create the country’s largest media and entertainment conglomerate worth $10 billion, had an initial deadline of January 2023. However, the cut-off date for the execution of the ZEE-Sony merger was later extended to December 22, 2023. Though the deal has received a nod from NCLAT (National Company Law Appellate Tribunal) and the Competition Commission of India (CCI), it continues to be embroiled in several legal as well as regulatory discrepancies, thus causing delays to the proposed merger.

The Securities Appellate Tribunal (SAT) in October 2023 had set aside an order barring ZEE CEO Punit Goenka from holding key managerial positions in the company and other associated firms. It directed Goenka to cooperate with the SEBI investigation being carried out.

Goenka had earlier challenged the SEBI order, which barred its promoters Subash Chandra and him from taking managerial roles in any of the Zee group companies.

Last week, the company’s non-independent director Adesh Kumar Gupta exited ZEE ahead of the annual general meeting (AGM). In September 2023, IDBI Bank and Axis Finance, too, filed appeals before the NCLAT (National Company Law Appellate Tribunal), Delhi, challenging the NCLT approval for the merger.

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Culver Max Entertainment Private Limited (CMEPL)

Sony agrees to discuss merger deadline extension with ZEE; stock surges 6%