Our focus is on the timely completion of the Zee-Sony merger: Punit Goenka

With the National Company Law Appellate Tribunal (NCLAT) staying the order that allowed Zee Entertainment to enter bankruptcy proceedings, Punit Goenka is looking to finalize the merger deal with Sony Pictures at the earliest.

“We respect the decision of the Hon’ble National Company Law Appellate Tribunal (NCLAT) and remain committed to protecting the interests of all parties involved. Our focus remains on completing the proposed merger on time,” said Goenka, CEO of Zee Entertainment.

Goenka had appealed to the National Company Law Appellate Tribunal (NCLAT) to appeal against the National Company Law Tribunal’s (NCLT) order in Mumbai that allowed IndusInd Bank to initiate bankruptcy proceedings against Zee Entertainment.

“Goenka is taking all steps required by law to protect the interests of all Zee Entertainment Enterprises Ltd (ZEE) stakeholders and to achieve a timely completion of the proposed merger with Culver Max Entertainment. Goenka firmly believes in the potential of the merger to create immense value for all parties involved. ZEE is a debt-free and financially strong company and believes in creating value for its stakeholders,” Punit Goenka’s office said in a statement on Thursday.

Zee Entertainment’s shares have been under pressure since Thursday morning after NCLT approved a petition by IndusInd to launch debt settlement proceedings against the media company. The move could have jeopardized the merger between Zee and Sony.