ZEE Entertainment Enterprises Ltd. (ZEEL), in an official communique, said that the company’s equity shareholders have approved the proposed merger of ZEEL and Bangla Entertainment Pvt. Ltd. with and into Culver Max Entertainment Pvt. Ltd. (formerly Sony Pictures Networks India Pvt. Ltd.)
As per the order of the National Company Law Tribunal (NCLT), Mumbai Bench, dated August 24, 2022, the company convened the meeting of its equity shareholders on October 14, 2022, to seek approval for the proposed merger. The resolution put forth during the meeting pertaining to the proposed merger was supported by 99.99% of ZEEL’s equity shareholders. The approval marks another step forward, in the overall merger completion process.
“The continued trust and support by our equity shareholders towards the resolution of the composite scheme of arrangement further strengthen our abilities to consistently deliver higher value as we move forward in this process,” Punit Goenka, managing director (MD) and CEO, ZEEL, said.
The company has received approval from the Competition Commission of India (CCI), vide its communication dated October 4, 2022. The Company has also received approvals from the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in July 2022. The composite scheme of arrangement remains subject to applicable regulatory and other approvals.
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