Sony-Zee merger may be finalised by November despite appeals from banks

Sony Group Corp’s Indian division and Zee Entertainment Enterprises Limited (ZEEL) are on track to complete their upcoming merger deal as early as November, according to a report by the Economic times. Despite calls from financial institutions, the merger is expected to go ahead, with Boston Consulting Group working to complete the integration process.

Sony Group Corp had issued a statement last month saying the Sony-Zee merger would be completed within a few months, but had not given a firm deadline. The transaction was initially expected to close by the end of September, according to a statement to US stock exchanges.

Also read: Zee-Sony case: NCLAT postpones hearing on IDBI, Axis Finance’s plea till October 31

IDBI Bank and Axis Finance have both filed pleas before the National Company Law Appellate Tribunal (NCLAT), challenging the order of the Mumbai bench of the National Company Law Tribunal (NCLT) dated August 10, 2023, condoning the merger of Zee Entertainment Enterprise approved, has challenged. with Culver Max Entertainment, formerly Sony Pictures Networks India.

The last hearing on this matter was on October 13 and the next hearing is scheduled for October 31. The NCLAT has not issued any notice on the petitions filed by the private lender and the non-banking financial company (NBFC). However, it said ZEEL may file a response to both petitions if necessary.

Despite this, both companies are reportedly aiming to complete the merger early next month, acknowledging that legal and regulatory processes could cause some delays.

Zee shares have risen more than 40 percent since June in anticipation of the merger.