ZEEL to appeal against NCLT order: Reports
ZEE Entertainment Enterprises is likely to move the NCLAT against the NCLT order, media networks have reported. The network is expected to contest that it did not have the opportunity to present its arguments. ZEEL may challenge NCLT's jurisdiction regarding the non-compete fees issue. The NCLT will be moved in a day or two, reports said quoting sources. We had earlier reported 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). SEBI has passed an 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 with the relevant SEBI policies. The proposal for the ZEE-Sony merger has already been green-lighted by the BSE, NSE, Zee shareholders and the Competition Commission of India.
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