ZEE-Sony merger could face another big test

A Sebi order gainstan Essel company could hurt ZEE-Sony merger case.

The merger of Zee Entertainment Enterprises Ltd with Sony Pictures Networks India faces another big test as a result of a recently passed order by market regulator SEBI.

Stock Exchanges BSE and NSE informed the Mumbai bench of the NCLT that SEBI has asked them to apprise the tribunal of a recently passed order on Shirpur Gold Refinery, an Essel Group company, according to multiple reports.

The NCLT is currently hearing the merger case of Zee with Sony.

SEBI had issued an interim order in April against SGRL, along with its former chairman Amit Goenka, promoter Jayneer Infrapower and Multiventures, and five others for allegedly siphoning off funds from the company and violating other rules.

Shirpur is a part of the Subhash Chandra Goenka led-Essel Group and has been taken to NCLT under IBC by its lenders. Amit Goenka was non-executive chairman and director of Shirpur till 2021-22.