The Mumbai bench of NCLT, presided by judicial member JV Subba Rao and technical member Anuradha Sanjay Bhatia, in its order directed the management of ZEEL to hold a shareholders meeting on October 14, 2022, for voting on the proposed scheme of merger.
“Suhail Nathani, advocate, and failing him, Jeenendra Bhandari, practicing chartered accountant, and failing him, Ashish Agarwal, company secretary and compliance officer of the applicant company, shall be the chairperson of the aforesaid meeting of the equity shareholders of the applicant company,” said the tribunal in its 15-page order.
The order was passed on August 28 but was made available very recently. The order mentioned that on March 31, 2022 the applicant company (ZEEL) had 10,677 unsecured creditors with an accumulated value of Rs. 1,297 crore.
The counsels for the company argued that the present scheme (merger) is a composite scheme of arrangement between Zee Entertainment Enterprises, Bangla Entertainment Pvt Ltd and Culver Max Entertainment Pvt Ltd.
In the case, senior advocate Navroz Seervai along with advocate Prateek Seksaria and Nitesh Jain of Trilegal are representing ZEEL.
In July Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) approved the proposed merger. However, the broadcasters are yet to receive a formal approval from the Competition Commission of India (CCI).
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