Appearing for Zee Entertainment Enterprises Limited (ZEEL), Senior Advocate Janak Dwarkadas said that the scheme of arrangement between ZEEL, Culver Max Entertainment (Sony) has been approved by 99.97% of shareholders of the company and regulatory bodies like the BSE, NSE, and the Competition Commission of India (CCI). On the issue of the non-compete fee that Sony will pay ZEEL promoters, Dwarkadas argued that the Rs 1,100 crore will be redeployed as share capital into the merged entity.
On the regulator SEBI’s interim order against ZEEL Chairman Emeritus Subhash Chandra and MD Punit Goenka, he noted that it was an ex parte order without show cause. He added that the interim order is before the Securities Appellate Tribunal (SAT), which has reserved the order in the matter.
