Key Points
Abhijit Joshi, managing partner at Veritas Legal said a scheme, once approved by all the authorities, should typically proceed subject to the conditionalities as per the scheme..
The scope of withdrawal will be limited and will depend on conditionalities to its effectiveness under the provisions of the scheme," he said.Getty.
Mumbai: Legal experts expect the merger of Sony Group Corporation's India media division, Culver Max Entertainment, also known as Sony Pictures Networks India, and Punit Goenka-led Zee Entertainment Enterprises (ZEEL) to proceed despite disagreements over the position of CEO of the merged entity as the contractual drop off date of December 20 nears...
While Sony is also looking to appoint its own executive, SPNI CEO NP Singh to the merged entity, Goenka believes that the Securities Appellate Tribunal's (SAT) verdict setting aside the Sebi order banning him from holding the top position has cleared the way for him to head the Sony-Zee combined entity...
He said the first scenario is that both parties decide that as the cut-off date to complete the merger is approaching, it's important to go ahead with the merger with a CEO from Sony until Goenka gets cleared of charges by Sebi..
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