Axis Finance has moved the National Company Law Appellate Tribunal (NCLAT) against the National Company Law Tribunal (NCLT) approval to Zee-Sony merger, according to media reports. The lender has said that the approval for the merger is a “contravention" of a regulatory order against Punit Goenka, former MD & CEO of Zee Entertainment Enterprises Ltd.
“The adjudicating authority (NCLT) has failed to appreciate that the scheme is ex-facie illegal, unfair and unjust," a media report quoted Axis Finance as saying in its 43-page petition.
The Axis Finance petition in NCLAT claimed the merger could not have been sanctioned until the matter of Punit Goenka heading the merged entity was resolved.
On 12 June, the Securities and Exchange Board of India (Sebi) restrained Goenka and his father Subhash Chandra from holding key managerial positions in any listed entity in a case related to fund diversion.
