On August 10, the Mumbai bench of the NCLT approved the merger of Zee Entertainment and Sony Pictures Networks India (SPNI), paving the way for the creation of a $10-billion media giant in the country. Dissenting creditors, including Axis Finance, JC Flower Asset Reconstruction Co, IDBI Bank Ltd, and others, took issue with a non-compete clause in the merger deal. In December, NCLAT refused to put an interim stay on the merger and deferred the case to January.Zee alleges that the decision to terminate the merger was premeditated and incurred costs of ₹700 crore or $80 million to comply with the requirements in preparation for the merger. The case is pending with the NCLT.
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NCLAT holds off on issuing an IDBI order as Axis Bank protests the Zee-Sony merger
