NEW DELHI: How is this for a new twist in the tale to the proposed merger of Sony Pictures Networks India and Zee Entertainment Enterprises Ltd? The National Company Law Tribunal (NCLT) on Thursday directed ZEEL to hold a board meeting to consider Invesco’s demand to convene an Extraordinary General Meeting (EGM).
While hearing a plea by Invesco, the largest shareholder of ZEEL, the tribunal also directed the company to communicate the board’s decisions appropriately to the shareholders.
US-based Invesco had moved a petition seeking convening of the EGM, removing the company’s chief executive and managing director Punit Goenka, as well as two other directors, and reconstituting the board with the appointment of six new directors.
SportzPower’s understanding of the implications of the latest developmet is that SPNI parent Sony Pictures Entertainment might just walk away if the merger process becomes stuck a legal imbroglio. Do not want to get ahead of ourselves here however. So wait and watch it is.
It goes without saying though that IF there is a hitch in the merger process, it does put a spanner in the works as far as the IPL media rights bidding is concerned.
SPORTZPOWER NEWS & ANALYSIS:
SPNI-Zee merger deal: Advantage Sony on IPL rights bidding
