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Business Standard

NCLT adjourns Zee Entertainment lenders' pleas against merger to Feb 2

The matter had come up in the NCLT court on Thursday, where IndusInd Bank, Axis Finance and IDBI Bank had sought permission to file applications to intervene in the proposed merger

Topics
NCLT | Zee Entertainment | merger

BS Reporter 

Sony, Zee
The Indian Performing Right Society (IPRS), an operational creditor of Zee, is also part of the proceedings, it is reliably learnt.

The Mumbai bench of the National Company Law Tribunal (NCLT) has adjourned the matter of Zee Entertainment lenders looking to prevent a merger between Zee and Sony to February 2.

The matter had come up in the NCLT court on Thursday, where IndusInd Bank, Axis Finance and IDBI Bank had sought permission to file applications to intervene in the proposed merger, according to informed sources.

The Indian Performing Right Society (IPRS), an operational creditor of Zee, is also part of the proceedings, it is reliably learnt.

A mail sent to Zee Entertainment elicited no response till the time of going to press.

But last week, IPRS had filed an application at the NCLT, Mumbai to claim dues worth Rs 211 crore towards royalty payment.

Zee had said that it would contest this. Similarly, last month, IDBI Bank, a financial creditor, had moved NCLT, Mumbai seeking Rs 149.60 crore in dues.


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First Published: Thu, January 12 2023. 21:42 IST

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