September 5th 2023.
Revised Text:
IDBI Bank has challenged an order by the Mumbai bench of the National Company Law Tribunal (NCLT), approving the merger of Sony Pictures with Zee Entertainment. This was revealed in a regulatory filing by Zee Entertainment, which stated that they had been served with an appeal on behalf of IDBI. The case will be heard before the National Company Law Appellate Tribunal (NCLAT) and the appeal challenges the scheme of arrangement between Zee Entertainment Enterprises, Bangla Entertainment Private Limited, and Culver Max Entertainment Private Limited.
This comes days after NCLT dismissed all objections in the merger case and approved the merger of Zee Entertainment and Sony India. IDBI Bank had filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming to be a financial creditor before NCLT, to initiate a Corporate Insolvency Resolution Process against Zee Entertainment. The National Company Law Appellate Tribunal (NCLAT) had previously agreed to hear IDBI Bank's plea for insolvency proceedings against Zee Entertainment on August 31.
The Securities Appellate Tribunal (SAT) was not satisfied with the time taken by the Securities and Exchange Board of India (SEBI) in investigating the case, and the next hearing is scheduled for September 8.
On Tuesday afternoon, IDBI Bank's shares closed at Rs 70.90, having dropped by 9.09 percent.
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