Zee Requests Sony To Extend Merger Deadline
Both have to jointly seek approvals from Ministry of Information and Broadcasting and Registrar of Companies before Dec. 21.
Zee Entertainment Enterprises has requested Culver Max Entertainment Pvt. Ltd. — formerly known as Sony Pictures Networks India Pvt. Ltd. — and Bangla Entertainment Pvt. Ltd. to extend the timeline required to make the merger effective, said an exchange filing on Sunday.
Having received all regulatory approvals, Zee and Sony Group need to to jointly seek approval from the Ministry of Information and Broadcasting for the new board of directors of the merged entity, and appointment of managing director and chief financial officer.
Both parties also have to file with the Registrar of Companies for the new merged entity as Zee will combine with Sony India.
These steps have to be completed by Dec. 21. The merger allows for three extensions of the deadline with consent from both entities. This is the first request for extension.
Zee had told the exchanges that independent directors Sasha Mirchandani and Vivek Mehra failed to get the requisite majority of votes for re-appointment to the company's board. Meanwhile, non-executive director Adesh Gupta is stepping down for personal reasons.
Venkata Ramana Murthy Pinisetti, Shishir Babubhai Desai and Uttam Prakash Agarwal have been appointed to the board as independent directors, according to an exchange filing on Saturday.
