With the NCLT apprised of the market regulator’s adverse findings about an Essel Group company, there is a possibility of the mega entertainment deal coming unstuck.
Last Thursday, when the National Company Law Tribunal convened in Mumbai to consider the merger of Zee Entertainment Enterprises Ltd with Sony Pictures Networks India, nothing seemed amiss; it was just another hearing to deal with the nitty-gritty of the two entertainment companies coming together.
Until the counsel representing stock exchanges NSE and BSE sought permission to make a submission. They wanted the court to take on record the interim order and show-cause issued by the Securities and Exchange Board of India, on 25 April, against one of Zee’s promoters in the matter of the Shirpur Gold Refinery fund …
Surendar helps lead the newsroom at The Morning Context as executive editor. Over the years, Surendar has worked in industries from pharmaceuticals to diamonds, as well as a stint as an equity analyst. In his long career as a business journalist, he has led teams at The Times of India, India Today and Fortune India. He was part of the founding team at Forbes India and interned at and published in The Times, London.
Executive Editor
surendar@mailtmc.com
Mumbai