Zee-Sony Merger: Axis Finance, IDBI Bank, and IDBI Trusteeship Services have withdrawn their petitions filed before the NCLT order approving the merger of Zee Entertainment with Sony Pictures Networks India . The National Company Law Appellate Tribunal, while allowing the withdrawal of the petitions, said that the National Company Law Tribunal ( NCLT ) had withdrawn its earlier order of August 10, 2023, this month, approving the merger of Zee Entertainment with Sony Pictures Networks India.

The appeal was accepted.

"Counsel for the appellants submits that the NCLT has already withdrawn the merger plan. Therefore, the appellants pray that they are permitted to withdraw the appeal. The prayer is accepted," a bench of NCLAT chairperson Justice Ashok Bhushan and member Barun Mitra said.

Plans did not proceed further.

NCLT had withdrawn its order after Zee applied for withdrawal of the order. The company had said that the overall plan to pursue the merger agreement has come to an end. Hence, the closing date in this case has not arrived and the plan has not moved forward.

What is the whole matter?

Zee Entertainment and Sony Pictures Networks India on August 27 announced the settlement of their six-month-old dispute related to the failed $10 billion merger and agreed to withdraw all claims against each other.

The Mumbai bench of NCLT had earlier approved the merger of Zee and Sony on August 10, 2023. This would have created a media entity worth $10.5 billion in the country.