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Economy
Mahesh

14/08/23 09:54 AM IST

NCLT gives final nod for merger of Sony and Zee

In News
  • The Mumbai bench of the National Company Law Tribunal recently gave its final approval to Sony Pictures Network India’s (Culver Max Entertainment) proposed merger with Zee Entertainment Enterprises Ltd.
Merger Significance
  • The merged entity is poised to reshape the landscape of the entertainment industry.
  • The collaborative strength of these two industry titans holds the potential to inaugurate a fresh era of exceptional entertainment, captivating audiences and molding the trajectory of India’s prominent entertainment realm.
  • This transformation extends beyond a mere redefinition of industry dynamics.
NCLT
  • The National Company Law Tribunal, functioning as a quasi-judicial entity in India, holds the responsibility of adjudicating matters concerning Indian corporations.
  • Instituted on 1 June 2016 by the Indian government under the provisions of the Companies Act 2013, this tribunal possesses the jurisdiction to resolve both cases that were previously under consideration by the Board for Industrial and Financial Reconstruction (BIFR) and those awaiting resolution under the Sick Industrial Companies (Special Provisions) Act, 1985.
Source- Live Mint

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