NCLAT defers hearing on Zee-Sony merger petitions filed by IDBI Bank, Axis Finance

The National Company Law Appellate Tribunal (NCLAT) has postponed the hearing for the petitions brought forth by IDBI Bank and Axis Finance in opposition to the Zee-Sony merger, according to reports from media networks.

The next scheduled hearing for this case is on October 31. During the previous hearing held on October 12, Zee Entertainment Enterprises Ltd. (ZEEL) urged the tribunal not to issue any orders, asserting that Axis Finance lacked the legal standing to make such a plea. Additionally, they contended that IDBI's case was founded on a distinct set of circumstances.

Previously, Axis Finance had argued that the merger's approval constitutes a violation of a regulatory directive regarding Punit Goenka, the former Managing Director and CEO of Zee Entertainment Enterprises Ltd.