The National Company Law Tribunal (NCLT) in Mumbai has approved the revocation of the merger order on September 5, 2024, which will allow Zee to withdraw the plan.
The move follows an agreement between the parties involved. In its filing with the stock exchanges, ZEEL explained that the merger, initially sanctioned in August 2023, has been terminated by mutual consent. The company cited its desire to resolve ongoing disputes and litigation as a key factor behind the withdrawal.
The merger between ZEEL and Culver Max was part of a broader strategic alliance aimed at combining Zee’s market presence with Culver Max’s extensive entertainment portfolio. However, several delays and legal challenges plagued the deal, causing the parties to reconsider.
On August 27, 2024, ZEEL’s board of directors passed a resolution to proceed with the demerger, marking an end to the ambitious merger plans. The NCLT approval effectively nullifies the earlier merger agreement, and ZEEL has committed to contribute ₹50,000 to Bharat Kosh as part of the agreement.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.