(Reuters) -Japan's Sony Group Corp said on Friday a merger of its Indian unit with Zee Entertainment Enterprises, which was due to be completed by end-September, would likely take a few more months.
Stocks to watch on Thursday, September 28 2023: Telecom stocks too may see some action after Trai data for July showed considerable new subscriber additions for Jio and Airtel; and loss of market shar
Sebi counsel assures court of completing part investigation by November
The tribunal questioned the credibility and surety of the Sebi in completing the probes within eight months
Arguing on behalf of Goenka, senior counsel Abhsihek Manu Singhvi pointed that there had been no loss to Zee and no gain to Goenka in the alleged matter
Zee-Sony merger: This comes just over a month after the NCLT's Mumbai bench approved the merger on August 10 by dismissing all applications against it
The confirmatory order passed by Sebi chief Madhabi Puri Buch barred Goenka from holding any key managerial positions in the Zee group of companies
Tribunal hears Punit Goenka's appeal, to hear case for final decision on Sept 8
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The Zee Ent promoter has been barred holding key positions in four group firms and merged entity
According to Sebi's order, Goenka will remain barred from holding key positions in the merged entity too
Shares of Zee Entertainment Enterprises soared as much as 20 per cent on the BSE in Thursday's intra-day trade after the National Company Law Tribunal approved the company's merger with Sony India
CLOSING BELL ON AUGUST 11, 2023: 14 out of the Sensex 30 stocks declined over a per cent each, while HCL Tech gained 3 per cent on Friday.
Zee Entertainment hits fresh 52-week high post approval by NCLT
Stocks to watch on August 11, 2023: Balrampur Chini, Chambal Fertilisers, Delta Corp, Indiabulls Housing Finance, Manappuram Finance and Zee among eight stocks in F&O ban period on Friday.
Zee Entertainment soars 18% after merger clearance
In December 2021, Zee Entertainment and Sony Pictures reached an agreement to combine their businesses, and both companies approached the tribunal to seek approval for the merger
Zee flagged muted advertisement spending, mainly due to the Indian Premier League, a cricket league, during the first two months of the quarter
However, the MCA has not issued an inspection order, the report added
The National Company Law Appellate Tribunal (NCLAT) on Wednesday deferred the hearing of IDBI bank's plea against Zee Entertainment till August 17. The private lender has challenged an NCLT order, which had on May 19 rejected its plea to initiate insolvency proceedings against the media major. On Wednesday, when the matter came for hearing, lawyers sought adjournment. On this, NCLT bench comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra deferred the matter to August 17. The Mumbai bench of the National Company Law Tribunal (NCLT) had on May 19, 2023, set aside the bank's plea, seeking insolvency against media major Zee Entertainment, observing that it was barred under Section 10A of the Insolvency & Bankruptcy Code (IBC). In its order, the NCLT bench had said that Zee Entertainment Enterprises Ltd (ZEEL), which was the corporate guarantor for the loan availed by Siti Networks -- the principal Borrower of IDBI Bank -- has committed a default. However, the default