3 cos withdraw petitions against Zee-Sony merger

New Delhi: Axis Finance, IDBI Bank & IDBI Trusteeship Services have withdrawn their petitions before the appellate tribunal NCLAT filed against the NCLT order approving the merger of Zee Entertainment with Sony Pictures Networks India. The National Company Law Appellate Tribunal (NCLAT) allowed the withdrawal of the petitions noting that the NCLT earlier this month had already recalled its earlier order of August 10, 2023, approving the merger of Zee Entertainment with Sony Pictures Networks India.

“Learned counsel for the appellants submits that NCLT has already withdrawn the merger scheme. Hence, the appellants pray that they may be permitted to withdraw the appeals. Prayer is allowed,” said an NCLAT Bench comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra.