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Media reports on ZEEL EGM misleading and baseless - Check truth from official statement here

Despite no such order, several media houses published a misleading report titled ‘Zee Battle: NCLT sides with Invesco, rules board must call EGM’.

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A misleading and baseless report has been published by several media houses on ZEEL with the headline ‘Zee Battle: NCLT sides with Invesco, rules board must call EGM’. The article lacks accuracy and is not factual correct. No such order has been issued by the NCLT, as claimed in the report.

ZEE released an official statement to address the issue: “The Board of the Company is scheduled to meet as per the statutory time allotted, in relation to the matter. The next hearing by NCLT is scheduled for 4th October 2021. The Company will continue to take all the actions needed in the interest of the shareholders and as per law.”

Despite no such order by NCLT, several media houses ran an inaccurate report suggesting that the National Company Law Tribunal sided with Invesco and has ruled that the board must call EGM. The report is factually incorrect and misleading as NCLT has not passed any such order as claimed.

The mega merger of Zee Entertainment Enterprises Limited (ZEEL) and Sony Pictures Networks India (SPNI) was recently announced.

As part of the deal, SPNI’s parent company Sony Pictures Entertainment will infuse $1.575 billion in the merged entity which will be listed company in India.

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