'No fresh regulatory approvals for Zee-Sony merger due to change in CEO'

Even as former CJI UU Lalit argued Punit Goenka’s appointment forms a part of the basic structure of the deal approved by Zee’s shareholders and any variance will require fresh approvals from stakeholders and regulators, Elara Capital’s Karan Taurani does not foresee fresh NCLT approval for the merger due to change in CEO.

Quoting Justice Lalit, an ET report suggested that the Zee-Sony merger cannot proceed without Punit Goenka at the helm of the merged entity.

Based on ongoing SEBI enquiry against Goenka, Sony is reportedly pushing NP Singh as the CEO of the merged entity.

Taurani said that Elara’s legal experts opined that the Ministry of Information and Broadcasting, shareholder, ROC (Registrar of Companies) and Board approvals are the only ones needed for change in CEO.

“A fresh NCLT/CCI approval requirement looks highly unlikely as both these approvals were the only ones that consumed the maximum time in the last two years,” Taurani added.

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