Axis Finance has no locus to oppose Sony merger, claims ZEEL

Axis Finance has no locus to oppose Zee Entertainment Enterprises Ltd's (ZEEL) merger with Sony-group's Culver Max Entertainment as the former is not a creditor, argued the Subhash Chandra Goenka promoted company.

The Mumbai bench of the National Company Law Tribunal (NCLT), presided by HV Subba Rao and Madhu Sinha, is hearing an application filed by Zee Entertainment to approve its merger with Sony Group. After hearing the arguments, the tribunal posted the matter for further hearing on April 24. "Axis Finance is seeking a relief from the tribunal and not objecting to the merger scheme," argued Senior Counsel Janak Dwarkadas, along with Nitesh Jain, partner at law firm Trilegal on behalf of Zee. "Objectors are also not creditors of the company."

Zee Entertainment, through its counsel also argued that the parties, opposing the merger have so far not proved how this merger will be prejudicial to them. "Currently, Zee Entertainment is an over Rs ₹8,000 crore entity but post the merger, the entity will be a ₹40,000 crore company," argued counsel for the company.