At the same time, the National Company Law Tribunal (NCLT), which was hearing the matter pertaining to the Zee-Sony merger, has reserved its order. Zee's counsel had argued in the NCLT that the merger should go ahead whether Goenka would be the MD & CEO of the merged entity or not. The counsel had also said that 96% of the holding in the company was public and not a single shareholder had opposed the merger scheme between Zee and Sony.
The merger, which will create a $10-billion company, was deferred by the NCLT twice in June. The hearing, which began on Thursday (July 6), concluded on Monday. Legal experts say that the NCLT order may take between 1-3 weeks to come during which time the attention will be on the Sebi order.
This story is from the July 11, 2023 edition of Financial Express Mumbai.
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This story is from the July 11, 2023 edition of Financial Express Mumbai.
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