Axis Finance has filed an appeal in the National Company Law Appellate Tribunal (NCLAT) against the National Company Law Tribunal’s (NCLT) nod to the Zee-Sony merger, the company said on Thursday. This comes just over a month after the NCLT’s Mumbai bench approved the merger on August 10 by dismissing all applications against it.

“The company has been served with an appeal on behalf of Axis Finance Ltd against the company before the NCLAT, Delhi, challenging the order dated August 10, passed by NCLT, Mumbai Bench, dismissing the Interlocutory Application No. 124 of 2022 in CP (CAA) No. 209 of 2022 in CA (CAA) No. 204 of 2022 and approving the composite scheme of arrangement amongst Zee Entertainment Enterprises Ltd, Bangla Entertainment Private Ltd and Culver Max Entertainment Private Ltd (formerly Sony Pictures Networks India Private Ltd),” it said in a release.

IDBI Bank’s plea

This comes after IDBI Bank went to the NCLAT, in the first week of September, to challenge NCLT’s approval for the Sony-Zee merger. In a disclosure to the stock exchanges, ZEEL on September 6 said the company has been served with an appeal on behalf of IDBI Bank before the NCLAT.

Multiple banks, including Axis Bank and IDBI Bank, had filed insolvency proceedings against Zee, with the NCLT, before it approved the Zee-Sony merger. 

NCLT, then dismissed these applications  and approved the Zee-Sony merger.

$10-billion merger

The $10-billion merger was originally announced in 2021. The merger has jumped through many hoops in these years.

Punit Goenka, is fighting a separate legal battle at the Securities Appelate Tribunal, after SEBI banned him from any top executive position at Zee for atleast eight months, while it investigates Goenka, and his father Subhash Chandra for embezzling funds from Zee.