New Delhi, July 01, 2023.

Zee Entertainment Enterprises’ proposed merger with Sony may have to wait a little longer with no outcome yet on appeals filed by the former’s promoters in the Securities Appellate Tribunal (SAT). Essel Group chairman Subhash Chandra and Zee Entertainment Enterprises MD and CEO Punit Goenka have filed appeals against the Securities and Exchange Board of India’s (Sebi’s) June 12 directive banning them from holding key positions in any listed entity.

While some media experts say that the matter in SAT and the merger hearing in the NCLT are not linked, legal experts say they are.

Satish Kishanchandani, managing partner, Pioneer Legal, a Mumbai-based corporate law firm, says, “The common link here is Punit Goenka. In the event, the SAT passes an adverse ruling against Goenka, he has the option of moving the Supreme Court. At the same time, the merger scheme will have to be amended, with the name of a new head proposed for the merged entity. This amended scheme will have to be placed in the NCLT for its approval. All of this will take time,” he said.