Zee Entertainment seeks extension in deadline to finalize Sony merger deal

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Zee Entertainment seeks extension in deadline to finalize Sony merger deal

Zee Entertainment on Sunday sought an extension to complete its proposed merger with Sony India.

The last date for closing the merger, which will create India’s largest media conglomerate, is December 21.

Although the merger between the two companies received the required approval, differences arose over who would be the Chief Executive Officer (CEO) of the merged entity.
Zee’s founders, the Subhash Chandra family, are advocating the appointment of Punit Goenka as the managing director (MD) and CEO of the merged entity.
However, according to Bloomberg, Sony is wary of appointing Goenka as he is under investigation by the Securities and Exchange Board of India.

Zee’s request to extend the deadline comes just a day after two independent directors were unable to secure re-appointment to the company’s board.
Sasha Mirchandani and Vivek Mehra “failed to get the required majority votes,” the company said in an exchange filing.

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Shares of Zee Entertainment fell 8.9 per cent on Friday before paring losses on speculation about the fate of the deal before the December 21 deadline.
The company on Thursday said that just before the AGM, non-executive director Adesh Gupta resigned citing personal reasons.

Earlier, proxy advisory firm Institutional Investor Advisory Services India (IiAS) had asked ZEE shareholders to vote against the reappointment of Mirchandani and Mehra, citing governance issues.

On Friday, the National Company Law Appellate Tribunal refused to stay the merger following a plea by Axis Finance and IDBI Bank.

The matter is now listed for hearing on January 8, 2024.

News Source: business-standard

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