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The Securities Appeals Tribunal (SAT) on Monday will continue to hear Zee Entertainment Enterprises’ plea challenging markets regulator Sebi’s interim order. In addition, the National Company Law Tribunal (NCLT) will also hold a hearing today (June 26) on the potential merger of ZEEL and Sony Pictures Networks India.
The Securities Appeals Tribunal (SAT) on Monday will continue to hear Zee Entertainment Enterprises’ plea challenging markets regulator Sebi’s interim order. In addition, the National Company Law Tribunal (NCLT) will also hold a hearing today (June 26) on the potential merger of ZEEL and Sony Pictures Networks India.
Zee Entertainment Enterprises chairman emeritus Subhash Chandra and managing director and chief executive officer Punit Goenka challenged the Sebi order on the SAT.
Zee Entertainment Enterprises chairman emeritus Subhash Chandra and managing director and chief executive officer Punit Goenka challenged the Sebi order on the SAT.
On June 19, after the market watchdog banned Ethel Group chairman Subash Chandra and his son from serving as directors or key managers of any listed company or for alleged misappropriation of media funds, the SAT declined to Offer them any temporary relief companies.
On June 19, after the market watchdog banned Ethel Group chairman Subash Chandra and his son from serving as directors or key managers of any listed company or for alleged misappropriation of media funds, the SAT declined to Offer them any temporary relief companies.
However, a lawyer representing Zee Entertainment Enterprises said that apart from the bank statement, the market watchdog has no evidence to substantiate the allegation of funds backflow and Sebi cannot pass an ex parte order.
However, a lawyer representing Zee Entertainment Enterprises said that apart from the bank statement, the market watchdog has no evidence to substantiate the allegation of funds backflow and Sebi cannot pass an ex parte order.
The lawyer said Zee Entertainment Enterprises wanted to preserve the Sebi order.
The lawyer said Zee Entertainment Enterprises wanted to preserve the Sebi order.
The lawyer further added: “Sebi claims that all the entities making the round trips have bona fide business relationships with Zee.”
The lawyer further added: “Sebi claims that all the entities making the round trips have bona fide business relationships with Zee.”
Financial services firm BofA Securities has not assigned a rating to Zee Entertainment as it seeks clarity on the Sony-Zee merger. BofA said Zee Entertainment’s fundamentals have deteriorated due to three factors: business weakness, merger risks and SEBI investigations.
Financial services firm BofA Securities has not assigned a rating to Zee Entertainment as it seeks clarity on the Sony-Zee merger. BofA said Zee Entertainment’s fundamentals have deteriorated due to three factors: business weakness, merger risks and SEBI investigations.
Reports said SEBI’s interim order against Zee’s promoters has posed risks to the merger with Sony.
Reports said SEBI’s interim order against Zee’s promoters has posed risks to the merger with Sony.
“It is unclear where the merger will go and whether Zee’s promoters will eventually be banned. However, the risk of a merger with Sony has increased. It is unclear whether Goenka will be able to become Zee’s CEO.” United Entities, ’ it added.
“It is unclear where the merger will go and whether Zee’s promoters will eventually be banned. However, the risk of a merger with Sony has increased. It is unclear whether Goenka will be able to become Zee’s CEO.” United Entities, ’ it added.
Last week Sony Pictures Entertainment (SPE) said it would continue to monitor developments that could affect the merger deal. “We take the SEBI Interim Order very seriously and will continue to monitor developments that may affect the transaction,” Sony Pictures added.
Last week Sony Pictures Entertainment (SPE) said it would continue to monitor developments that could affect the merger deal. “We take the SEBI Interim Order very seriously and will continue to monitor developments that may affect the transaction,” Sony Pictures added.
The next day, Punit Goenka confirmed that the merger between ZEE Entertainment and Japan’s Sony India unit would be completed “whether or not he is the CEO of the combined company”.
The next day, Punit Goenka confirmed that the merger between ZEE Entertainment and Japan’s Sony India unit would be completed “whether or not he is the CEO of the combined company”.
In September 2021, SPNI and ZEEL entered into a non-binding term sheet to bring together their linear network, digital assets, production operations and program libraries. The combined entity will have more than 70 TV channels, two video streaming services (ZEE5 and Sony LIV) and two film studios (Zee Studios and Sony Pictures Films India), making it India’s largest entertainment network.
In September 2021, SPNI and ZEEL entered into a non-binding term sheet to bring together their linear network, digital assets, production operations and program libraries. The combined entity will have more than 70 TV channels, two video streaming services (ZEE5 and Sony LIV) and two film studios (Zee Studios and Sony Pictures Films India), making it India’s largest entertainment network.
ZEEL shareholders began backing the merger in October last year, weeks after the Conditional Approval by the Competition Commission of India.
ZEEL shareholders began backing the merger in October last year, weeks after the Conditional Approval by the Competition Commission of India.
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