Zee Entertainment Enterprises Ltd, in a statement on Friday, said that its equity shareholders have approved the proposed merger of ZEEL (Zee Entertainment Enterprised Led) and Bangla Entertainment Pvt. Ltd. with and into Culver Max Entertainment Pvt Ltd, previously Sony Pictures Networks India Pvt Ltd.
According to a National Company Law Tribunal (NCLT) Mumbai Bench order, the corporation called a meeting of its equity shareholders on October 14 to seek permission for the proposed merger, which was supported by 99.99 percent of ZEEL's equity holders. The transaction is now subject to regulatory and other clearances.
ZEEL Managing Director and CEO Punit Goenka said in a statement, “On behalf of all the board members and management of ZEEL, I would like to thank the equity shareholders of the company for recognising the value-accretive opportunities the proposed merger will deliver to all stakeholders."
The Competition Commission of India (CCI) had authorised the Zee-Sony merger last week, approving the businesses' suggested amendments to the deal announced in December. Zee also secured clearance from the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) in July.
In a joint statement issued in December 2021, the two firms stated that the Japanese corporation would hold 50.86 percent of the amalgamated organisation, while Zee Entertainment's promoters would own 3.99 percent. The remaining 45.15 percent will be owned by Zee Entertainment's public shareholders.
As part of the deal, Punit Goenka, son of Zee founder Subhash Chandra, will continue to be the merged company's managing director and chief executive.
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