Published : 23 Feb 2023
There are the chances of delay in merger in Zee and Sony.
Shares of Zee Entertainment Enterprises declined 9.98% to its 52-week low Rs 185.75/share.
This happened after the Mumbai bench of the National Company Law Tribunal allowed to initiate insolvency proceedings against Zee Entertainment Enterprises.
The order came after IndusInd Bank filed a petition because Zee didn't meet its obligations under a Debt Service Reserve Account Agreement between the bank and Siti Networks Ltd., to which Zee was also a party.
This can cause delay in merger.