Key Points
SEBIs investigations showed that Chandra and Goenka abused their position as directors of Zee Entertainment in 2019 by siphoning off funds for their own benefit.Reuters..
Shares of Zee Entertainment rose 3.6% to Rs 258 in Monday's trade on BSE after the Securities Appellate Tribunal (SAT) set aside market regulator SEBI's order barring Zee Entertainment's CEO Punit Goenka from holding key directorship in listed entities over an alleged fund-diversion case.. In an interim order, the Securities and Exchange Board of India (SEBI) in June restrained Essel Group Chairman Subhash Chandra Goenka and Goenka from board seats in any entity formed through the merger or amalgamation of the four Zee group companies..
This likely paves the way for the completion of the merger between Zee Entertainment and Culver Max Entertainment (Sony Pictures India), creating a $10 billion media and entertainment powerhouse..
The merger was announced in 2021 and has received requisite approvals from regulators, yet has been delayed due to legal controversies over loan defaults by a Zee group entity...
Shares of Zee Entertainment are also trading higher than the 5-day, 100-day, 150-day, and 200-day simple moving averages (SMAs), while lower than 10-day, 20-day, 30-day, and 50-day SMAs...
You might be interested in
Sony scraps $10 billion India merger talks with Zee Entertainment
22, Jan, 24NEW DELHI (Reuters) - After two years of negotiations, Japan's Sony on Monday terminated a $10 billion merger of their India operations with Zee Entertainment. Here is a timeline of some key moments
Zee-Sony merger likely to be called off, termination notice to be issued by Jan 20: Report
08, Jan, 24Zed Entertainment and Sony's India division may not merge after all, with Sony probably going to give a notice of termination before January 20th, according to reports on Monday. According to news agency Bloomberg, Sony is to back out of the $10 billion deal that would have made it the largest media company in the country.
Zee shares plummet 10% on buzz of Sony calling off $10 billion merger
09, Jan, 24India Business News: Shares of Zee Entertainment Enterprises Ltd (ZEEL) have plummeted following reports of Sony Group Corp considering calling off the $10 billion merger.
Get a new CEO or scrap the Zee-Sony merger: The way ahead for proposed Indian media giant
13, Jun, 23Analysts feel a delay in the merger between Zee Enterprises and Sony is now inevitable. However, SEBIs Monday ruling against Essel Group's Subhash Chandra and Zee Entertainment's Punit Goenka could largely mean two things: either Goenka walks out, or Sony will. Read on to know how analysts think things could progress.
Sony calls off merger of its India unit with Zee Entertainment: Report
22, Jan, 24Sony Group officially communicates cancellation of merger with Zee Entertainment.
Zee, Sony to discuss extension of deadline to complete merger
20, Dec, 23The deal to create a $10-billion media and entertainment powerhouse was first announced two years ago but has been delayed due to various reasons
SAT gives relief to Punit Goenka, sets aside SEBI order barring him from holding board seats
30, Oct, 23The Securities Appellate Tribunal has overturned the decision made by SEBI, which had imposed a one-year ban on Zee Entertainment's CEO, Punit Goenka, preventing him from serving on the boards of listed companies. This likely paves the way for the completion of the merger between Zee-Sony, creating a $10 billion media entity in the country.
Zee Entertainment requests Sony India to extend the deadline for merger
17, Dec, 23Zee-Sony merger: Zee Entertainment has sent a letter to Sony Group Corporation requesting an extension of the timeline of the merger of the two entertainment companies
Sony’s India unit says it is yet to agree to Zee’s merger deadline extension request
19, Dec, 23"The notice (from Zee) triggers an existing contractual provision in the deal that allows for both parties to discuss the possibility of extending the deadline," said SPNI.
Zee Entertainment refutes reports about termination of the Zee-Sony merger
09, Jan, 24India Business News: Zee Entertainment dismisses rumours about the termination of the $10 billion merger with Sony India. ZEEL is dedicated to ensuring the successful comp