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Zee-Sony merger order knocked aside by NCLAT

The National Company Law Appellate Tribunal (NCLAT) has set aside the order of the National Company Law Tribunal (NCLT) on the merger between Sony Pictures Network India Pvt. Ltd. and Zee Entertainment Enterprises Ltd. (ZEEL).

It was reported that the NCLT had approved the merger in July 2020, after considering the Competition Commission of India’s (CCI) suggestion to impose several conditions for the merger. The NCLAT held that the CCI failed to examine the arguments of the petitioners against the merger. It also highlighted that ZEEL and Sony had failed to disclose all relevant facts as required by law.

The NCLAT asked the CCI to reconsider the merger free from the terms and conditions previously imposed and asked it to reexamine all the facts and arguments put forward before it. The appellants have also been asked to present all necessary materials to the CCI.