The EGM was conducted as per National Company Law Tribunal’s (NCLT) order. The Managing Director (MD) and Chief Executive Officer (CEO), ZEE, Punit Goenka, thanked the equity shareholders of the company on behalf of entire and ZEE. The merged company will be led by Goenka as its MD and CEO
Zee Entertainment Enterprises (ZEE) shareholders voted in favour of the company’s proposed merger with Culver Max Entertainment (formerly Sony Pictures Networks India) at its extraordinary general meeting (EGM) on 14 October.
The EGM was conducted as per National Company Law Tribunal’s (NCLT) order. Putting the proposal forward, a statement from ZEE said, “The approval marks yet another firm and positive step forward, in the overall merger completion process.”
The Managing Director (MD) and Chief Executive Officer (CEO), ZEE, Punit Goenka, thanked the equity shareholders of the company on behalf of entire and ZEE for recognising the value-accretive opportunities which the proposed merger will deliver to all its stakeholders.
Earlier, the Mumbai bench of NCLT, in its 24 August order had directed the ZEE management to hold a shareholder meeting on 14 October for voting on the proposed scheme of merger. The bench was presided by judicial member JV Subba Rao and technical member Anuradha Sanjay Bhatia.
Managing Partner, Economic Laws Practice, Suhail Nathani, presided over the EGM as the chairperson. Early in October, ZEE received approval from the Competition Commission of India (CCI), for the proposed merger. It was received with certain modifications.
Also in July, the Company had received approvals from the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). During last year on 22 December, ZEE and SPN had signed a definitive agreement to merge the two companies. Giving effect to the deal, ZEE would be merged into SPN. And after closing, the merged company will be publicly listed in India.
Going by the agreement, the merged company will be led by Goenka as its MD and CEO. In total the board will hold nine directors, of whom five would be nominated by the Sony Group, whereas three will be independent.