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India's Zee Entertainment says merger with Sony will get stuck on insolvency proceedings

Reuters
Updated ·1-min read
Illstration shows Zee Entertainment and SONY logos

BENGALURU (Reuters) - India's Zee Entertainment Enterprises Ltd told a tribunal on Friday its merger with a local unit of Japan's Sony Group Corp will "get stuck" due to the initiation of insolvency proceedings against the Indian company.

The comments came as Zee's chief executive, Punit Goenka, on Thursday said in a statement that he expected a timely completion of a merger between Zee and Sony.

Goenka on Thursday challenged the insolvency proceedings against the company initiated by India's bankruptcy court over a loan default from IndusInd Bank Ltd.

(Reporting by Arpan Chaturvedi in New Delhi and Nallur Sethuraman in Bengaluru; Editing by Sohini Goswami)