barred MD-CEO Punit Goenka and chair emeritus Subhash Chandra from holding any managerial or directorial positions
in listed companies for a year while it carried out investigations into allegations of insider trading. In July, the NCLT reserved the merger order after objections from creditors who are owed some $152 million, including Axis Finance, JC Flower Asset Reconstruction Co, IDBI Bank, Imax Corp and IDBI Trusteeship. On Thursday, the NCLT dismissed all objections.
One of the key points of the merger as initially proposed was that Goenka would serve as managing director of the merged entity. Given that the SEBI ban means he cannot hold a directorial positions, it is not immediately clear who is going to be the managing director of Sony-Zee.has reached out to Goenka and N.P. Singh, managing director and CEO at Sony Pictures Networks India, for comment.
Sony Group Corporation, Sony Pictures Networks’ ultimate parent company, made no reference to the much-delayed merger in its