The NCLT recalled its approval of the Zee Entertainment and Sony Pictures merger after both parties agreed to withdraw due to a settlement. The merger scheme is now terminated, and legal claims against each other have been withdrawn.

The National Company Law Tribunal has withdrawn its approval for Zee Entertainment and Sony Pictures Networks India's merger. The decision follows a settlement agreement between the parties. Zee and Sony have agreed to terminate the merger and withdraw all relevant legal claims and proceedings.

The bench observed the parties have "mutually consented" to withdraw the scheme on account of the settlement agreement and the board of directors has passed the resolutions to withdraw the scheme of amalgamation.

The Mumbai bench of NCLT had recalled its August 10, 2023, order, approving the merger between Zee and Sony. The withdrawal was based on the “mutual consent” of both parties, who settled their dispute and passed resolutions to withdraw the merger scheme.

The National Company Law Tribunal (NCLT) has allowed withdrawal of its order approving the merger of Zee Entertainment and Sony Pictures Networks India and recalled its earlier order passed in this regard.

Zee Entertainment Enterprises has obtained approval from the National Company Law Tribunal (NCLT) to retract its application and claims in the arbitration proceedings concerning its merger with Sony Pictures Networks India.

The Mumbai bench of the NCLT decided to withdraw the merger order after both parties mutually agreed to terminate the scheme, as outlined in their settlement agreement.

The National Company Law Tribunal (NCLT) has approved the recall of the merger order, allowing the company to withdraw the scheme, ZEE said in a regulatory filing on September 12.