NCLAT refuses to stay merger of Zee & Sony

The appellate tribunal on Friday declined to stay the merger of Zee and Sony Pictures (renamed Culver Max Entertainment) while hearing a petition filed by two lenders. The National Company Law Appellate Tribunal (NCLAT) directed Zee to file its response to IDBI Bank and Axis Finance's pleas and listed the case for hearing on January 8. IDBI and Axis had filed loan recovery petitions against Zee and its promoters, the Goenka family. According to IDBI, Siti Networks, a company promoted by the Goenkas, defaulted on a Rs 149-crore loan, for which Zee stood as a guarantor.

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