By Our Staff
Over the last few months, there has been a cloud on the much-awaited merger of the Zee and Sony entertainment television conglomerates. In August, stockmarket regulator Securities and Exchange Board of India (SEBI) had barred Zee managing director and CEO Punit Goenka from holding key managerial positions in Zee and and other group firms. The order was ex-parte, and an investigation was ordered.
In the meantime, there was some discussion about a restlessness on the part of Sony, and that it was considering allying with other entertainment networks (read Disney-Star). But with Goenka back at the helm at Zee, there is an expectation that the merger process will be expedited and may even see the light of the day by December 2023, if not earlier.
On Monday, the Securities Appellate Tribunal (SAT) decided to set aside a Sebi interim order against Zee Entertainment Limited chief and promoter Punit Goenka. This, according to investment analysts, paves the way for the organisation’s merger with Sony Pictures Networks India. Earlier, Goenka had made a plea to set aside the SEBI order.
In a 94-page order, SAT has advised Goenka to cooperate with SEBI’s probe into the matter.