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The NCLAT on Friday adjourned the listening to to October 31 on pleas filed by IDBI Financial institution and Axis Finance in opposition to the merger of Zee Leisure Enterprise with Culver Max Leisure, previously Sony Footage Networks India. The Nationwide Firm Regulation Appellate Tribunal (NCLAT) didn’t concern discover over the petitions filed by the non-public lender and the non-banking monetary firm (NBFC).
Nevertheless, it mentioned that Zee Leisure Enterprise Ltd (ZEEL) could file a response to each petitions, if wanted.
Each have challenged the August 10, 2023, order of the Mumbai bench of the Nationwide Firm Regulation Tribunal (NCLT) to approve the merger.
Earlier, the NCLT on August 10, 2023, authorised the proposed merger, which might create the biggest media entity within the nation.
Whereas approving the merger, the NCLT in its order, dismissed some functions moved by monetary establishments opposing the transfer, together with IDBI Trusteeship, IDBI Financial institution, Axis Finance, JC Flowers Asset Reconstruction Co and Imax Corp.
This was challenged by IDBI and Axis Finance earlier than the NCLAT.
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