ZEE shares zoom 3% as NCLT approves recall of merger scheme with Sony Pictures

Shares of Zee Entertainment Enterprises Ltd. (ZEEL) surged more than 3% on Friday after the company announced that it had received regulatory approval to recall its merger with Culver Max Entertainment Pvt Ltd (formerly Sony Pictures Networks India) and Bangla Entertainment Pvt Ltd (BEPL). ZEE’s stock gained as much as 3.26%, reaching Rs 139.15 per share on the BSE.

NCLT Approves Recall of Merger

The National Company Law Tribunal (NCLT) approved the recall of the merger order, allowing ZEE to withdraw the scheme, according to the company’s regulatory filing on September 12. This approval marks the end of the legal battle surrounding the merger.