New Delhi, Sep 7 (SocialNews.XYZ) The National Company Law Tribunal (NCLT) has allowed Zee Entertainment to conduct the shareholders' meeting for the proposed merger with Sony.
"The Mumbai bench of National Company Law Tribunal (NCLT) has directed in its order that a meeting of the equity shareholders of Zee Entertainment Enterprises Ltd. be convened and held on Friday, October 14, for the purpose of considering, and if thought fit, approving the proposed merger of the company with Culver Max Entertainment Private Limited (formerly Sony Pictures Networks India Private Limited)," said a Zee Entertainment spokesperson.
As per earlier reports by an international news agency, a merger between the Indian unit of Japan's Sony and Zee Entertainment to create a $10 billion TV enterprise will potentially hurt competition by having "unparalleled bargaining power", the country's antitrust body found in an initial review.
The Competition Commission of India's (CCI) August 3 notice to the two companies had said that the watchdog is of the view that a further investigation is merited, the reports said.
Sony and Zee in December last year had decided to merge their television channels, film assets and streaming platforms to create a powerhouse.