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Business Standard

Merger with Sony will get stuck in insolvency proceedings: Zee group

India's Zee Entertainment Enterprises Ltd told a tribunal on Friday its merger with a local unit of Japan's Sony Group Corp will "get stuck" due to the initiation of insolvency

Topics
Sony Corp | Zee Entertainment | Insolvency and Bankruptcy Code

Reuters  |  BENGALURU 

Incidentally, all three channels belong to the Zee network
Incidentally, all three channels belong to the Zee network

BENGALURU (Reuters) - India's Zee Entertainment Enterprises Ltd told a tribunal on Friday its merger with a local unit of Japan's Sony Group Corp will "get stuck" due to the initiation of insolvency proceedings against the Indian company.

The comments came as Zee's chief executive, Punit Goenka, on Thursday said in a statement that he expected a timely completion of a merger between Zee and Sony.

Goenka on Thursday challenged the insolvency proceedings against the company initiated by India's bankruptcy court over a loan default from IndusInd Bank Ltd.

 

(Reporting by Arpan Chaturvedi in New Delhi and Nallur Sethuraman in Bengaluru; Editing by Sohini Goswami)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, February 24 2023. 17:48 IST

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