The proposed merger of Zee Entertainment Enterprises Ltd with Sony Pictures Networks India (SPN) may likely face a fresh roadblock as the NSE and BSE have informed the National Company Law Tribunal (NCLT) that Essel Group’s Shirpur Gold Refinery have allegedly diverted company assets for the benefit of the promoters, according to  media reports.

The two stock exchanges have said 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. The market regulator had passed an ex-parte order in the matter of Shirpur Gold Refinery fund diversion case.

Last month, the Securities & Exchange Board of India (Sebi) issued an interim order-cum-show-cause notice against SGRL, along with its former chairman Amit Goenka, promoter Jayneer Infrapower, and Multiventures.

The notice alleges the diversion of funds from the company and violations of other regulatory provisions.

The Mumbai NCLT is overseeing the merger case between Zee Entertainment Enterprises Limited (ZEEL) and Culver Max Entertainment (Sony).

"We have received instructions from SEBI to place its recently passed order for the consideration of the tribunal while hearing the scheme of Zee Entertainment's merger," argued NSE counsel Nausher Kohli.

Read more news about (internet advertising India, internet advertising, advertising India, digital advertising India, media advertising India)