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Zee Entertainment has sought an extension of the date for the merger of the company and Sony. The deadline for the merger to be completed was December 21.
In an exchange filing, the broadcaster said that it has requested Culver Max Entertainment (formerly called Sony Pictures Networks India) and Bangla Entertainment to “extend the date required to make the scheme effective.”
The merger agreement was signed on December 22, 2021.
Both sides are engaged in a tussle over the appointment of Punit Goenka as the head of the proposed merged entity that will create a $10-billion media conglomerate. Goenka, backed by Zee, is keen to take over the CEO position while Sony is trying to get him to agree to a non-executive role.
Sony’s reluctance stems from the regulatory probe against Goenka. While the Securities Appellate Tribunal had set aside an order by SEBI barring Goenka from holding any managerial posts in the company and group firms, the investigations are still ongoing.
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