Zee Entertainment denies report of Sony-Zee merger collapse

In a regulatory filing, Zee said that it is continuing to work towards a successful closure of the proposed merger as per the composite scheme of arrangement approved by the NCLT, Mumbai Bench.

Zee Entertainment has clarified that the news report captioned “Sony-Zee Merger Risks Collapse Over Eleventh-Hour CEO Drama: Report” is factually incorrect. The report was published by NDTV.

The news agency Bloomberg also reported on Tuesday that the merger plan risked collapse over leadership issues.

“This is with reference to the letter dated November 29, 2023…received from the National Stock Exchange of India; and (ii) letter dated November 29, 2023…received from BSE, regarding the news item captioned “Sony-Zee Merger Risks Collapse Over Eleventh-Hour CEO Drama: Report” published in “www.ndtv.com”,” the company said in a regulatory filing.

In this regard, the company clarified that the above-mentioned article is “factually incorrect”.

“We wish to reiterate that the Company is continuing to work towards a successful closure of the proposed merger as per the Composite Scheme of Arrangement approved by the NCLT, Mumbai Bench,” the company said.

“We would also like to state that the Company has always complied with its obligations under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and will continue to make disclosures in accordance with the same,” the company added.

The Securities and Exchange Board of India (SEBI), earlier alleged that the media house faked the recovery of loans to cover private financing deals by its founder, Subhash Chandra.

Having received almost all regulatory approvals, the Sony-Zee merger will create India’s biggest entertainment company. BestMediaInfo