NCLT directs NSE and BSE to review initial approvals for Zee-Sony merger: Report
In a new development that could pose trouble for the Zee-Sony merger, the Mumbai bench of the National Company Law Tribunal (NCLT) reportedly asked the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) to reconsider their initial approvals for the merger and issue no-objection certificates before the next hearing. The bench headed by HV Subba Rao and Madhu Sinha will hear the case on June 16. News report says that on May 11, the NCLT directed the exchanges to reassess the approvals, which previously got a thumbs up from the Securities and Exchange Board of India (SEBI). The new instructions come close on the heels of SEBI’s interim ruling against one of the promoters of the Essel Group, which owns Zee. The exchanges have also been asked to review whether the payment method for the non-compete fee between two Mauritius entities is in accordance to the relevant SEBI policies. The proposal for the merger has already been green-lighted by the BSE, NSE, Zee shareholders and the Competition Commission of India.
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