The National Company Law Appellate Tribunal (NCLAT) has set aside the order by National Company Law Tribunal (NCLT) directing the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) to review their initial approvals for the Zee-Sony merger.

Zee had moved against NCLT's order, asking the exchanges to issue an updated NOC-objection certificates before June 16, 2023. The network argued that it did not have the opportunity to present its arguments. 

Justice Rakesh Kumar and technical member Dr Alok Srivastava set aside the NCLT order today. NCLAT posited that Zee should have been heard by NCLT before directing both the exchanges to review the NOC, adding that there was no occasion for Zee to respond to concerns raised. NCLAT has remanded the case back to NCLT.

The appellate tribunal also added that NCLT's order should be set aside for violation of principles of natural justice. The verdict will be decided after NCLT hears both sides of the issue.

The bench headed by HV Subba Rao and Madhu Sinha will hear the case on June 16.