IN A RELIEF to Zee Entertainment the National ComEnterprises, pany Law Appellate Tribunal (NCLAT) on Friday set aside the National Company Law Tribunal's (NCLT's) order directing the BSE and NSE to review their approval to the Zee-Sony merger.
The NCLT had passed the order on May 11 after markets regulator Sebi's adverse ruling against an Essel group firm in April.
Setting aside the NCLT order for 'violation of principles of natural justice', a two-member NCLAT bench said that Zee should have been heard in the matter and has remitted the case back to NCLT.
Shares of Zee rallied over 6% on the BSE on Friday, soon after the NCLAT order. It settled at ₹190.70 apiece at the end of trade, up 6.69% against the previous day's close.
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