Media reports on ZEEL about NCLT order are baseless; lack substance, facts - Check truth from official statement

Various media reports running an article on ZEEL about NCLT order are basesless. The news falsely claiming about the NCLT order with respect to Zee Entertainment Enterprises Limited (ZEEL) EGM is nothing but a hollow piece lacking any substance, truth and fact. 

It is important to note here that NCLT has not passed any such order with respect to ZEEL EGM.

Releasing an official statement on NCLT hearing, ZEEL spokesperson said, "The Board of the Company is scheduled to meet as per the statutory time allotted, in relation to the matter. The next hearing by NCLT is scheduled for 4th October 2021. The Company will continue to take all the actions needed in the interest of the shareholders and as per law."

Recently, ZEEL had announced its mega merger with Sony Pictures Networks India.

The merged entity, in which SPNI's parent company Sony Pictures Entertainment would infuse USD 1.575 billion, will be a publicly listed company in India.

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The Board of Directors of ZEE Entertainment  Enterprises Limited (ZEEL), had unanimously provided an in-principal approval for the  merger between Sony Pictures Networks India (SPNI) & ZEEL. The ZEEL-SPNI mega merger deal has been seen as an extremely profitable pact for shareholders, stakeholders.

Not only on financial parameters, but the deal ranks very high also on the strategic value which the partner brings to the table.

ZEEL’s strong expertise in content creation and its deep consumer connect established over the last 3 decades, coupled with SPNI’s success across entertainment genres (including  gaming and sports) will add immense value to the merged entity and its management team, thereby increasing  shareholder value multifold.

With a blend of highly accomplished professionals having rich expertise across varied sectors, it has always been kept in mind to serve the best interests of all the shareholders and the Company. 

 The value of the merged entity and the immense synergies drawn between both the conglomerates will not only boost business growth but will also enable shareholders to benefit from its future successes. 
 
As per legal and regulatory guidelines, at  the required stage, the proposal will be presented to the esteemed shareholders of the Company for their approval
 
With this massive corporate development, the merged entity will result into an accelerated growth and a significant opportunity to create tremendous value for all its  stakeholders.