Friday, Dec 2 2022 | Time 12:50 Hrs(IST)
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Business Economy


ZEEL receives approval from CCI for proposed merger with Sony

Mumbai, Oct 4 (UNI) ZEE Entertainment Enterprises Ltd (ZEEL) on Tuesday said that it has received an approval from the Competition Commission of India (CCI) for its proposed merger with Culver Max Entertainment Private Limited (formerly Sony Pictures Networks India Private Limited).
The CCI has granted the approval in Phase-1 after evaluating the official legal and economic submissions made by the company, a statement from the company said

"Considering the immense value which the proposed merger will generate for all its stakeholders, the Company has offered the necessary remedies in accordance with the regulator’s guidelines. Detailed order is awaited," the statement said.

The company termed the approval from the CCI as a yet another positive step in the overall merger approval process.

In its order pronounced on 7th September 2022, the National Company Law Tribunal (NCLT) had advised the company to convene and conduct the meeting with its shareholders on 14th October 2022, to seek their approval for the proposed merger.

"The Composite Scheme of Arrangement remains subject to applicable regulatory and other approvals," the statement added.
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