Zee Entertainment has asked Culver Max Entertainment, formerly known as Sony Pictures Network India, to extend the date required to make the merger scheme effective.
The deadline for the merger is December 21.
“Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations), we hereby inform you that pursuant to the Merger Cooperation Agreement dated December 22, 2021 entered into amongst the Company, BEPL and CMEPL, the Company has requested CMEPL and BEPL to extend the Date required to make the Scheme effective, as per the terms of the Merger Cooperation Agreement,” Zee Entertainment said in a filing.
Zee said this is an update on composite Scheme of Arrangement amongst the company, Bangla Entertainment Private Ltd (BEPL), and Culver Max Entertainment Private Ltd (formerly known as Sony Pictures Networks India Private Ltd) (CMEPL) and their respective shareholders and creditors.
In an earlier statement, Zee said that the company is continuing to work towards a successful closure of the proposed merger as per the Composite Scheme of Arrangement approved by the NCLT, Mumbai Bench.