The Zee-Sony merger story is nothing short of a saga spanning over two years. While there were periods of calm and a sense that all was going good, there were a fair share of turbulences and drama.

We take a look at some key episodes in this tale.

• Dec 2021: Board of Directors consider and approve the Scheme of Arrangement under Sections 230 to 232 of the Companies Act, 2013 (Scheme), whereby ZEEL and Bangla Entertainment Private Limited, an affiliate of Culver Max Entertainment Pvt Ltd (formerly known as Sony Pictures Networks India Private Limited), shall merge in Culver Max Entertainment Pvt Ltd.

• Feb 2022: IndusInd Bank moves NCLT seeking initiation of insolvency proceedings against Zee Entertainment Enterprises Ltd (ZEEL) claiming a default of over Rs 80 crore against the media conglomerate.

• Dec 2022: IDBI Bank, Axis Finance and others move the National Company Law Tribunal (NCLT) against ZEEL seeking an insolvency proceeding against the media firm to recover dues of over Rs 100 crore.

• June 2023: SEBI bars Punit Goenka and Subhash Chandra from holding key managerial positions in any listed company or Zee group entity in an alleged funds diversion case.

• Aug 10, 2023: NCLT allows Zee-Sony merger after dismissing all objections raised by several creditors including IndusInd Bank, Axis Finance, JC Flower Asset Reconstruction Co., IDBI Bank, IDBI Trusteeship and Imax Corp.

• Aug 14: ZEEL MD Punit Goenka moves SAT against SEBI order barring him from holding key managerial positions in the ZEEL-Sony merged entity.

• Sept 2023: IDBI Bank, Axis Bank appeal before the NCLAT against the NCLT order allowing the merger.

• Sept 2023: Japan’s Sony Group says Zee merger to be delayed by a few months.

• Oct 30 2023: SAT paved way for Punit Goenka to continue as the Managing Director of the merged Zee-Sony entity while setting aside the SEBI order barring him from holding any key positions in the company.

• Nov 10, 2023: ZEEL MD Punit Goenka said that his company is in active engagement with Culver Max (Sony Pictures Networks India) over the merger. “We recognise the value the merger holds,” he said in an earnings call.

• Nov, 2023: Reportedly, Sony Group keen to place its India CEO NP Singh as the Chief Executive Officer of the merged Zee-Sony entity.

• Dec 17, 2023: ZEEL tells BSE that it has requested Sony to extend the timeline to complete the merger.

• Dec 19, 2023: Sony issues statement that it has not agreed to Zee’s request for extending the timeline. The company said it wants to hear Zee’s proposals and how they plan to complete the remaining critical closing conditions.