The long awaited merger between ZEE Entertainment Enterprises Ltd with Sony Pictures Networks India (SPN) is expected to face further delays after another intervention by authorities.
LiveMint reports that the setback comes after the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) informed the National Company Law Tribunal (NCLT) that they have been asked by the Securities and Exchange Board of India (Sebi) to submit a 25 April Sebi order as part of the record.
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Nausher Kohli, the counsel representing the NSE said, “Sebi had received a complaint alleging that the loans taken by Shirpur from banks and financial institutions had not been used for operations of the company but instead were siphoned off to companies under the control of Subhash Chandra Goenka and his family. It was also alleged that Shirpur was not providing information to public shareholders with respect to its operations.”