The National Company Law Tribunal (NCLT) has allowed withdrawal of its order approving the merger of Zee Entertainment and Sony Pictures Networks India and recalled its earlier order passed in this regard.
The Mumbai bench of the NCLT had last week recalled its order passed on August 10, 2023, in which it had approved the merger of Zee Entertainment with Sony Pictures Networks India.
The bench observed the parties have "mutually consented" to withdraw the scheme on account of the settlement agreement and the board of directors has passed the resolutions to withdraw the scheme of amalgamation.
"Accordingly, this Bench allows the withdrawal of the Scheme of Amalgamation and hereby recalls order dated 10.08.2023 in C.P.(CAA) No. 209 of 2022," said NCLT order, a copy of which was shared to bourses by Zee on Thursday.
Zee, which applied for withdrawal, submitted the Composite Scheme of the Merger Cooperation Agreement executed to give effect to this scheme stands terminated and accordin

Sony, Zee, Sony-Zee merger

Union minister Nitin Gadkari has said a political leader once offered to support him if he were to enter the race for the Prime Minister's post, but he declined the offer stating he did not nurse such an ambition.
The senior BJP leader was speaking at a journalism awards function in Maharashtra's Nagpur city on Saturday.
"I remember one incident -- I would not name anyone -- that person said 'if you are going to become prime minister, we will support you'," Gadkari said, without specifying when the conversation took place.
"But, I asked why you should support me, and why should I take your support? To become the prime minister is not the aim in my life. I am loyal to my conviction and my organisation, and I am not going to compromise for any post because my conviction is foremost for me," he said.
In his speech, the minister underlined the importance of ethics in both journalism and politics.
Recalling a meeting with a senior CPI functionary, Gadkari said he told the communist lea

Nitin Gadkari, Nitin, Gadkari

Antitrust investigations conducted by the Competition Commission of India (CCI) have found that Amazon and Flipkart violated local competition laws by giving preference to select sellers

Xiaomi

Appliances such as televisions, refrigerators and washing machines are made at the plant, which contributes 20% to 30% of Samsung's annual revenue of $12 billion in India

Samsung

The previous BJD government in Odisha had released Rs 782.26 crore for distribution of financial assistance to 12.72 lakh "ineligible" beneficiaries under its Krushak Assistance for Livelihood and Income Augmentation (KALIA) scheme, a CAG report said.
In its report No 2 of the year 2024, the CAG said the scheme was launched in December 2018 to provide financial assistance to farmers, landless agriculture households and assistance to vulnerable agricultural households, life insurance support to cultivators and landless agricultural labourers, and interest-free crop loan.
In February 2019, a sixth component 'KALIA scholarship' was added to provide scholarship on merit basis to the children of beneficiaries under the scheme pursuing professional courses in the state.
During its launch, the government had promised Rs 5,000 per family per crop season for five crop seasons and Rs 12,500 to landless farm labourers in three years.
"Due to lack of preparedness in planning, the government di

Thalapathy Vijay's The Greatest of All Time (GOAT) is heading strongly towards Rs 200 crore net collection in India. The film has been holding steady at the box office

The Greatest of All Time (GOAT)

Tenures across organisations often range from three to five years with the possibility of reappointment

Just how many self-regulatory organisations (SROs) are too many? Last week, the Reserve Bank of India (RBI) capped the number of such entities for non-banking financial companies (NBFCs) at “a maximum of two”. And to ensure the smaller NBFCs get a fa

The Competition Commission of India (CCI) in 2020 ordered an investigation into Amazon and Flipkart for allegedly promoting certain sellers with which they had business arrangements

amazon, flipkart

However, Buch did not attend. Instead, Pramod Rao, executive director of Sebi, delivered a speech focusing on green financing and the debt market

Madhabi Puri Buch, Chairperson, Securities and Exchange Board of India (SEBI) at the “Indian Capital Markets Transformative Shifts Achieved through Technology and Reforms” Photo: Kamlesh Pednekar

Oil and Natural Gas Corporation (ONGC) has got a new director to spearhead its new energy, petrochemicals and corporate strategy as part of a board revamp aimed at breathing fresh life into the state-controlled behemoth.
Arunangshu Sarkar has been appointed as Director for strategy and corporate affairs, ONGC said in a stock exchange filing.
Before the elevation, Sarkar, a petroleum engineer from the Indian School of Mines, Dhanbad, was Group General Manager (Production) at ONGC. He had previously worked as General Manager (Strategy & Corporate Planning), ONGC Videsh Ltd - the overseas investment arm of ONGC.
Two years back, the board of ONGC was reorganised. Besides creating the new post of Director (Strategy & Corporate Affairs), the post of Director (Production) was created after merging Director (Onshore), who is in charge of all oil and gas fields located on land, and Director (Offshore) who looks after all offshore assets, such as the prime Mumbai High fields.
In ...

A joint search operation was immediately launched by the Romeo Force of the Indian Army, the Special Operation Group (SOG) of Poonch Police, and the CRPF

Jammu and Kashmir Encounter

Agitating junior doctors in West Bengal on Sunday said they remain steadfast in their resolve to pursue justice for the medic raped and murdered at the RG Kar hospital, a day after another attempt to resolve the impasse with the state government fell through.
Amid persistent rain, the protesting doctors continued their sit-in outside 'Swasthya Bhavan', the state health department headquarters in Salt Lake, for the sixth consecutive day.
"We are steadfast in our resolve to seek justice for our sister, no matter the adversity. We have spent nights on the streets in harsh conditions and inclement weather despite some of us not feeling well," an agitating junior medic said.
Chief Minister Mamata Banerjee had on Saturday made a surprise visit to the site where the doctors were protesting and assured them that their demands would be addressed, but the proposed meeting fell through, with the protesters claiming that they were asked to leave "unceremoniously" after waiting for three hours a

Doctor Protest, Protest

The rating agency's arm said that India's recent consumer price inflation at around 5 per cent was without clear evidence of a trend towards slowing price pressures

Most GCCs in India support critical business goals by using AI, data analytics, robotic process automation, and cloud services

India ranked third globally in terms of funding raised by fintech companies, behind the US and China, the report said

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ONGC gets director to spearhead new energy, petrochem business & strategy

Encounter with terrorists underway in Kashmir's Poonch; area cordoned off

Junior docs continue sit-in outside health department office amid rain

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NCLT recalls order on Zee-Sony merger, allows withdrawal of scheme

Nitin Gadkari says he was offered support for PM's post, but he declined

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