Zee says unaware of board meeting held by Sony, reiterates commitment to merger

Zee and Sony merger.

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26 Aug, 2025 12:21

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Zee Entertainment on January 19 said that the company is not aware of, and cannot comment on, any board meeting held or proposed to be held by Culver Max Entertainment Private Limited (formerly Sony Pictures Networks India Private Limited), given that these are internal matters of Sony.

In an exchange filing, the media company further said that it is committed to the merger with Sony and is continuing to work towards a successful closure of the proposed merger and is engaging in good faith negotiations with Sony with a view to discuss the extension of the date required to make the (merger) scheme effective, by a reasonable period of time.

While the expected completion of the deal was December 21, 2023, Zee had sought deadline extension and Sony had agreed to it. According to reports, a 30-day period after the December 21 deadline was included in the merger pact signed in 2021 if either party sought more time.

More time was sought by Zee to address the crucial issue of whether Punit Goenka, Zee's chief executive officer, will helm the combined entity, a clause which is part of the deal. While Sony was on board for Goenka's leadership when the merger was announced, the change of heart happened due a regulatory probe against Goenka.

In June last year, the Securities and Exchange Board of India (Sebi) alleged that Zee engaged in deceptive practices by falsely claiming the recovery of loans to hide private financing deals linked to Zee Chairman Subhash Chandra. The market regulator, in an interim order, stated that Chandra and his son Goenka misused their positions and diverted funds. As a result, Goenka was prohibited from holding executive or director positions in listed companies.

While Goenka got a reprieve from an appellate authority against the Sebi order, reports noted that Sony viewed the ongoing probe as a corporate governance issue.

Zee and Sony received approval for their merger from the National Company Law Tribunal (NCLT) on August 10, 2023.