The National Company Law Appellate Tribunal (NCLAT) has set aside the order by National Company Law Tribunal (NCLT) directing the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) to review their initial approvals for the Zee-Sony merger.

Zee had moved against NCLT's order, asking the exchanges to issue an updated NOC-objection certificates before June 16, 2023. The network argued that it did not have the opportunity to present its arguments. 

Justice Rakesh Kumar and technical member Dr Alok Srivastava set aside the NCLT order today. NCLAT posited that Zee should have been heard by NCLT before directing both the exchanges to review the NOC, adding that there was no occasion for Zee to respond to concerns raised. NCLAT has remanded the case back to NCLT.

The appellate tribunal also added that NCLT's order should be set aside for violation of principles of natural justice. The verdict will be decided after NCLT hears both sides of the issue.

The bench headed by HV Subba Rao and Madhu Sinha will hear the case on June 16.

The NCLAT is likely to hear ZEEL's petition in the Sony merger issue on Friday.

This is after the appellate body deferred the hearing in the petition against the NCLT order passed on May 11.

The network had said that it did not have the opportunity to present its arguments.

On May 11, the NCLT directed the exchanges to reassess the approvals, which previously got a thumbs up from the Securities and Exchange Board of India (SEBI).

The BCCI may wait for the completion of the Zee-Sony merger to sell media rights for the Indian cricket team’s bilateral series, according to a report in a leading business publication. 

The report, which quotes sources, suggests that the cricket board would “wait for some time and watch how the Zee-Sony merger pans out before issuing the tender.” The report also claims there is also a possibility that the BCCI may not sell the rights for four years (from 2023 to 2027) but instead for a different tenure.

The report further says that The BCCI would want to issue the tender before the Asia Cup in September this year, but would hope that the Zee Sony merger has been completed by then.

Sony had the broadcast rights for IPL from the first edition till 2017, when Star India (now Disney Star) picked up the rights. Sony Sports Network also holds the rights to broadcast games from England, Pakistan and Sri Lanka.

Also, the BCCI has still not decided if it will go for e-auction or other modes for selling th rights. BCCI may also separate the rights of men's and women's rights.

Zee Entertainment Enterprises Limited's (ZEEL) revenue for the fiscal ended 31st March 2023 stands at Rs 8167.62 crore compared to last fiscal’s Rs 8305.86 crore.

The company has recorded ad revenue of Rs 4057.89 crore a drop of 7.6% compared to last year’s Rs 4396.15 crore.

As per reports, ZEEL has posted a net loss of Rs 73 crore for Q4 compared to the corresponding quarter last year.

Subscription revenue saw a 2.7% growth at 3335.47 crore on March 31, 2023, compared to Rs 3246.6 crore last fiscal.

The company said that its other sales and services revenue YoY was down 25%, and up 71% QoQ aided by new launches and higher syndication revenue.

The company's expenditure was up 10.3% to Rs 7364 crore compared to Rs 6674.14 crore. EBITDA for FY23 was down by 38% YoY due to a decline in revenue and elevated strategic investments across the business. It fell from Rs 1780.33 crore to Rs 1101.1 crore this fiscal. EBITDA margin came in at 13.6 % compared to 21.7%.

The operating expenditure for the fiscal increased 10.5% to Rs 4468.6 crore from Rs 4041.79 crore. Profit after tax for the business has dropped by 76.1 % from Rs 1053.8 crore to Rs 251.4 crore.

The total revenue for its OTT platform ZEE5 stood at Rs 741 crore, up by 36% in FY23 compared to the previous fiscal.

The company said that the programming and technology costs were higher YoY due to higher content cost in movies, investment in ZEE5 and Sports.

Personnel expenses decreased from Rs 826.1 crore to Rs 823.8 crore YoY.

Advertising & Promotional expenses surged by 23 % to Rs 1055.4 crore from Rs 858.5 crore as new content launches on Digital increased the marketing cost on a YoY and QoQ basis.

Compared to the last quarter of FY22, the advertising and subscription revenue of the company fell by 5%.

The platform's global MonthAly Active Users (MAUs) stands at 113.8 million in March 2023 compared to 104.8 million in March 2022. The number of Global Daily Active Users (DAUs) has increased from 10.5 million to 11.1 million.

Arnab Goswami, Managing Director and Editor-in-Chief of Republic TV has tendered his unconditional apology before the Delhi High Court in a 2016 contempt case.

The case was  filed by former Executive Vice Chairman of TERI R.K. Pachauri against him and others for "fragrant and willful disobedience" of the court's earlier orders restricting them from publishing certain claims against him.

"I hereby tender my apology to this Hon'ble Court and request that this Hon'ble Court may graciously be pleased to accept the apology and close the instant proceedings against the deponent," reads Goswami's affidavit submitted in court on April 28.

The affidavit further stated that Goswami is a law abiding and a respectable citizen of the country, holds all courts in high esteem and has the highest respect for the Delhi High Court.

"I had no intention to commit any act/ omission amounting to disobedience much less, wilful disobedience of the orders of this Court. I say that the alleged broadcasts were done under the bona fide belief that the same was not prohibited in terms of order passed by this Hon'ble Court on 18.02.2015 passed in C.S. (OS) 425 of 2015. The alleged broadcasts were made as part of fair reporting in view of the liberty under Article 19(1)(a) of the Constitution of India as recognised by this court in the aforesaid order," the affidavit reads.

The India Today Group has announced the launch of India Today in the UK market from May 31. This is a follow-up to the launch of the Group's Hindi news channel, Aaj Tak, in the UK market. Previously operating as a hybrid channel, Aaj Tak and India Today served UK audiences with unique content.

With the launch of India Today, the English news channel will now be available as a free-to-air service, broadcasting in standard definition (SD) and accessible on Sky Channel No. 523.  This will position it alongside other prominent English news channels, including Sky News, BBC News, GB News and Talk TV, the group said in a press release.

Meanwhile, Aaj Tak will continue to be available on Sky Channel number 710, providing uninterrupted access to Hindi content for viewers. The India Today Group, renowned for its comprehensive news coverage and commitment to delivering high-quality content, is thrilled to bring its linear presence to the UK audience.

“With its launch in the UK, India Today aims to captivate audiences with its insightful reporting, engaging programmes, and unwavering commitment to journalistic excellence. The channel's introduction is a testament to the India Today Group's dedication to delivering informative and relevant content to viewers worldwide,” read the release.

ZEE Entertainment Enterprises is likely to move the NCLAT against the NCLT order, media networks have reported.

The network is expected to contest that it did not have the opportunity to present its arguments. ZEEL may challenge NCLT's jurisdiction regarding the non-compete fees issue.

The NCLT will be moved in a day or two, reports said quoting sources.

We had earlier reported that on May 11, the NCLT directed the exchanges to reassess the approvals, which previously got a thumbs up from the Securities and Exchange Board of India (SEBI).

SEBI has passed an interim ruling against one of the promoters of the Essel Group, which owns Zee.

The exchanges have also been asked to review whether the payment method for the non-compete fee between two Mauritius entities is in accordance with the relevant SEBI policies.

The proposal for the ZEE-Sony merger has already been green-lighted by the BSE, NSE, Zee shareholders and the Competition Commission of India.