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NCLT seeks shareholder nod for Zeel-Sony merger
Mumbai : Phew! One more hurdle is set to get out of the way to create what could possibly end up being India’s largest media entertainment behemoth with the proposed merger of Zee Entertainment Enterprises Ltd (Zeel) and Sony Pictures Networks India (SPNI).
The National Company Law Tribunal’s (NCLT’s ) Mumbai bench has directed Zeel to convene a virtual shareholder meeting on 14 October at 4 pm to get their nod for the merger.
In July 2022 , Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) gave their approval. But the Competition Commission of India (CCI) has yet to give its approval as it is investigating how the fusion will affect market dominance. The NCLT direction was made last month but Zeel communicated this to the Bombay stock exchange (BSE) only on 7 September.
“The ]NCLT Mumbai bench has directed in its order, that a meeting of the equity shareholders of Zeel be convened and held on Friday, 14 October for the purpose of considering, and, if thought fit, approving the proposed merger of the company with Culver Max Entertainment Pvt Ltd (formerly SPNI Pvt Ltd),” read Zee’s statement.
In July 2022, Zee received approval from the BSE and the National Stock Exchange (NSE) for the proposed merger. According to reports, both the firms have been in constant contact with the competition watchdog for more than four to five months for getting its nod.
When the merger plan was announced in September 2021, the two networks said that Sony would invest $1.575 billion and have a 52.93 Per cent interest in the new firm and Zee the remaining 47.07 per cent.
Last year, in December, SPNI and ZEEL signed definitive agreements for the merger following the conclusion of an exclusive negotiation period during which both parties conducted mutual due diligence.
When the transaction is completed Sony Pictures Entertainment Inc will indirectly control a majority of 50.86 per cent of the combined firm and the promoters (founders) of Zeel will hold 3.99 per cent, while the remaining Zeel shareholders would hold a 45.15 per cent stake
Under the terms of the definitive agreements, SPNI, which is an indirect subsidiary of Sony Pictures Entertainment (SPE), will have a cash balance of $1.5 billion (assuming an INR: USD exchange rate of 75:1) at closing, including through infusion by the current shareholders of SPNI and the Zeel promoters, , to enable the combined company to drive sharper content creation across platforms, strengthen its footprint in the rapidly evolving digital ecosystem, bid for media rights in the fast-growing sports landscape and pursue other growth opportunities.
In accordance with the transactions envisioned by a non-compete agreement, SPE, through a subsidiary, will pay a non-compete fee to certain Zeel promoters.. These promoters (founders) will use the non-compete fee to inject primary equity capital into SPNI, giving them the right to purchase shares of SPNI that, on a post-closing basis, would equal about 2.11 per cent of the total shares of the combined company.
Zeel CEO Punit Goenka will serve as the combined company’s managing director and CEO.
Earlier Invesco along with OFI Global China Fund LLC, which together hold about a 17.9 per cent stake in ZEEL, had opposed the deal.
In March 2022, Invesco had said it would support the Zee-Sony merger deal and had decided not to pursue the call for an EGM of ZEEL to remove Goenka and two independent directors.
Additionally, Invesco said it would support the Zee and Sony merger, adding that the “deal in its current form has great potential for Zee shareholders,” but added that Invesco retains the right to request a new EGM if the merger is not completed as currently proposed.
With 75 TV channels and two video streaming services (ZEE5 and Sony LIV), the merged entity will become India’s second-largest entertainment network by revenue. It will also house two film studios — Zee Studios and Sony Pictures Films India and a digital content studio (Studio NXT).
NEW DELHI: Hamdard Laboratories gathered a cross-section of India’s achievers in New Delhi on Friday, handing out the Hakeem Abdul Hameed Excellence Awards to figures who have left their mark across healthcare, education, sport, public service and the arts.
The ceremony, attended by minister of state for defence Sanjay Seth and senior officials from the ministry of Ayush, celebrated individuals whose work blends professional success with a sense of public purpose. It was as much a roll call of achievement as it was a reminder that influence is not measured only in profits or podiums, but in people reached and lives improved.
Among the headline awardees was Alakh Pandey, founder and chief executive of PhysicsWallah, recognised for turning affordable digital learning into a mass movement. On the sporting front, Arjuna Awardee and kabaddi player Sakshi Puniya was honoured for her contribution to the game and for pushing women’s participation onto bigger stages.
The cultural spotlight fell on veteran lyricist and poet Santosh Anand, whose songs have echoed across generations of Hindi cinema. At 97, Anand accepted the honour with characteristic humility, reflecting on a life shaped by perseverance and hope.
Healthcare honours spanned both modern and traditional systems. Manoj N. Nesari was recognised for strengthening Ayurveda’s place in national and global health frameworks. Padma shri Mohammed Abdul Waheed was honoured for his research-backed work in Unani medicine, while padma shri Mohsin Wali received recognition for his long-standing contribution to patient-centred care.
Education and social development also featured prominently. Padma shri Zahir Ishaq Kazi was honoured for decades of work in education, while former Meghalaya superintendent of Police T. C. Chacko was recognised for public service. Goonj founder Anshu Gupta received an award for his dignity-centred rural development initiatives, and the Hunar Shakti Foundation was honoured for empowering women and young girls through skill development.
The Lifetime Achievement Award went to former IAS officer Shailaja Chandra for her long career in public healthcare and governance, particularly in the traditional systems under Ayush.
Speaking at the event, Hamdard chairman Abdul Majeed said the awards were a tribute to those who combine excellence with empathy. “These awardees reflect Hakeem Sahib’s belief that healthcare, education and public service must ultimately serve humanity,” he said.
Minister Seth struck a forward-looking note, saying India’s young population gives the country a unique opportunity to become a global destination for learning, health and wellness by 2047.
The ceremony also featured the trailer launch of Unani Ki Kahaani, an upcoming documentary starring actor Jim Sarbh, set to premiere on Discovery on 11 February.
Instituted in memory of Unani scholar and educationist Hakeem Abdul Hameed, the awards have grown into a national platform that celebrates those building a more inclusive and resilient India. For one evening at least, the spotlight was not just on success, but on service with substance.
