Mumbai: Zee-Sony merger may finally see the light of the day, according to a note shared by Dolat Capital.
Here’s what the note states:
NCLT concludes hearing, reserves order; hopefully shall be positive
As per media, NCLT has today concluded the hearing going on since 6m on Zee-Sony matter and has reserved the order. NCLT order shall take one to three weeks’ time. We presume the NCLT order shall be positive since the matter was related to lenders in NCLT. As per Zee management, the company had either settled with lenders or the case was disposed of where Zee was remotely connected.
No immediate relief for Zee promoters from SAT
Separately, SAT has rejected the appeal of Zee's MD & CEO Punit Goenka to stay the SEBI order directing him to cease to hold the position of a director or a KMP in any listed company or its subsidiaries until further orders.
Merger key positive
With or without Punit: Positive NCLT order on merger would be key. Merged entity will be under Sony’s control and they may have to look at an alternate MD & CEO instead of Punit, even if temporary. In a recent media interview, Punit confirmed that the merger shall not halt irrespective of the SAT outcome being against him is a respite.
Process post NCLT approval
Zee shall get the physical copy of order in 15 days post the order. It would then file with ROC for merger of Zee-Sony. Separately, it would go to SEBI for de-listing of Zee shares and re-listing of the merged entity. Post NCLT approval, the process shall take 2.5-3.5 months