NEW DELHI : An Indian tribunal on Friday put on hold insolvency proceedings against Zee Entertainment Enterprises, a major relief for the Indian media company that warned the legal battle could delay its merger with a local unit of Japan's Sony.
The tribunal has put on hold the insolvency proceedings for the time being, saying the matter required detailed deliberations and will be next heard on March 29. Zee, a household TV name in India that was set up in 1992, had a network share of 16.2 per cent as of December. It competes with Disney's Star India and Reliance Industries Viacom18, and its planned merger with Sony's India unit will create a $10 billion behemoth."Our focus continues to be on the timely completion of the proposed merger," Punit Goenka, Zee's chief executive said after the decision.
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