Zee-Sony merger: NCLT recalls approval of $10 billion deal after both parties agree to terminate scheme, settle claims

Zee-Sony merger: The Mumbai bench of the National Company Law Tribunal (NCLT) has recalled its order approving the $10 billion merger deal between Zee Entertainment (Zee) and Sony Pictures Networks India (Sony Pictures), PTI reported on September 14.

The bench recalled its order dated August 10, 2023, last week and observed that both parties have “mutually consented” to withdraw the scheme after reaching a settlement agreement. It added that the board of directors have also passed the resolutions to withdraw the scheme of amalgamation, the report said.