The importance of sectoral champions within government

Guest Column: Aayush Soni, Head of Communications, Koan Advisory Group, New Delhi, writes on the MIB clarifying that the FDI cap on digital media won’t apply to OTT platforms

e4m by Aayush Soni
Published: Mar 30, 2023 2:25 PM  | 5 min read

On March 10, the Ministry of Information and Broadcasting (MIB) clarified that the foreign direct investment (FDI) cap of 26 per cent on digital news media, will not apply to OTT platforms streaming TV news channels. The MIB press release further informs that TV News Channels are already “granted permission under the Uplinking and Downlinking Guidelines, 2022 of the MIB, and “their entities providing the digital news content are already covered by the FDI policy”.

Though it comes four years after the Department for Promotion of Industry and Internal Trade (DPIIT) announced the FDI cap, the ministry’s decision is a welcome move. In the absence of such clarification, a streaming platform would’ve had to get a licence to stream news channels on its platforms – an unnecessary regulatory burden.

TV News: A heavily-regulated sector

Indeed, TV news channels are under a very wide regulatory and legal umbrella and don’t need further regulation. Some of the additional laws that govern them include the Cable Television Networks (CTN) (Regulation) Act, 1995, and the Indian Penal Code. There are also layers of self-regulation by the News Broadcasters Standards Authority (NBSA), the Advertising Standards Council of India (ASCI) and the Indian Broadcasting Federation that act like watchdogs for TV channels.

The Programme Code under the CTN Act places even stringent regulatory checks on TV channel content. It stipulates that content which “offends good taste and decency,” “contains criticism of friendly countries,” “encourages superstition” and “contains anything obscene,” should not be aired.

By issuing the March 10 clarification, the MIB has indicated that it is ready to remove anomalies that plague the broadcasting sector. It would do well to also devote some attention to remove the contradiction between the FDI cap in the news broadcasting segment and the uplinking/downlinking guidelines for TV news channels, issued in 2022. Amended in 2015, the former stipulates that foreign investors can invest up to 49 percent in news channels. However, the latter requires that the single largest Indian shareholder of a news channel should have at least 51 per cent of the total equity. These caps are hard to reconcile for listed media companies that are mandated to float a minimum of 25 percent of their shares to the public, as per Securities Exchange Board of India regulations. Therefore, no foreign investor has taken a substantial position in any listed Indian news businesses.

A two-step reform will help remove this anomaly. First, the uplinking/downlinking guidelines should do away with the requirement that an Indian must hold 51 percent of the total equity in a news channel. Second, FDI in news should be increased to 100 percent. Of this, 49 percent of the investment can come in via the automatic route.

FDI in E-Commerce: Clarion call for clarity

Prior to last week’s announcement there was complete uncertainty over the application of FDI norms on digital media. A similar clarification would also be welcome for the e-commerce sector. E-commerce is defined widely as “buying and selling of goods and services including digital product over digital and electronic network” under extant FDI Policy. As a result, the rules accompanying the Policy are technically applicable to almost every online transaction – a sure shot recipe for disaster.

For instance, one of the rules says that e-commerce entities should not directly or indirectly influence the sale price of goods and services on their marketplace. As things stand, such a rule is applicable on platforms like Urban Company which offer utility services at standardised pricing. Imagine if the platform had to check with every electrician before listing the price of his/her services. Rigid application of these rules would make it impossible for Urban Company to function and discourage other platforms too that want to offer services at standardised prices.

Sector-specific ministries still relevant

The appropriate ministry to issue a narrow definition of e-commerce would the Ministry of Electronics and Information Technology (MeitY) which administers the Information Technology Act. The law, enacted in 2000, was passed to give legal sanctity to online commercial transactions.

In this context, the administrative allocation of e-commerce to the DPIIT in 2018 results in taking the issue out of its natural home i.e. MeitY. As a result, there isn’t a specialised government body that can advocate for changes to the FDI policy in e-commerce. Those who can do so are within the DPIIT itself – which oversees FDI rules for all inward investments, and not just for e-commerce. In contrast, an important reason behind the government issuing the March 10 clarification is the MIB, which itself is a stakeholder in the issue. It likely engaged with the DPIIT and was able to advocate its position effectively.

The MIB’s March 10 clarification also demonstrates the relevance of sectoral ministries. With digital technologies disrupting sectors across the board, it has become fashionable to predict the demise of ministries that oversee legacy sectors like broadcasting. However, the MIB has demonstrated that it is not only relevant but also effective in affecting important policy changes.

The real question that needs to be answered is this: who will bat for sectors who do not have an overseeing ministry? Will government stakeholders understand their plight? Or will they be left to fend for themselves?

(The views expressed here are solely those of the authors and do not in any way represent the views of

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New fiscal brings in optimism, advertisers set to increase spends: Punit Goenka

The Managing Director and CEO of ZEEL also said during the Q4 earnings conference that final legal issues regarding the merger with Sony were being sorted out

By Sonam Saini | Jun 2, 2023 8:41 AM   |   5 min read

Punit Goenka

FY 2022-2023 saw the media and entertainment industry battling macroeconomic headwinds with resilience and focusing on investments in further strengthening the business fundamentals, Punit Goenka, Managing Director and CEO, ZEEL, said during the Q4 earnings call.

“At Zee, as well, the year was one of concerted efforts for enhancing strategic aspects across all our key businesses. That said, the new fiscal brings in optimism, as we witness the overall market sentiment improving with key advertisers set to increase their spends.”

On the merger with Sony, Goenka said legal matters were consuming a considerable amount of time. “We are evaluating all legal options present before us to overcome any further hurdles,” he added.

He further mentioned that the NCLT has recently dismissed the plea filed by a financial institution against Zee, which is a noteworthy development. “We have the best of legal teams advising us, and I'm most certain that we are in safe hands. Hence, my focus continues to be on enhancing the business performance and completion of the merger. As you all are aware, the merger has already received most of the regulatory clearances, including the ones from our esteemed shareholders, which reinforce the fact that it's value accretive for the industry at large. As an optimist, I remain hopeful that when we connect again, there will be some positive developments to share with all of you on the merger front.”

According to Goenka, despite the headwinds, Zee has remained undeterred in its strategic approach towards the quarter. “Our focused efforts and investments in content reflect our long-term strategic intent to further strengthen our market position. We further fortified our position as the number two entertainment network in the country. In fact, during the quarter, our viewership share gain was higher than the competition. We also witnessed an increase in viewership share across our linear channels in key markets, including South, North and East.”

He also shared that significant efforts have been made in terms of content strategy for the Marathi market, and Zee is expecting that to translate into positive results over the current financial year.

On digital, ZEE5 has been gaining ground quarter-on-quarter across all metrics, Goenka informed. “We recently announced an expansive content slate of 111+ titles for ZEE5, which includes compelling originals, direct-to-digital films and theatrical releases in collaboration with renowned content creators. I'm certain that this will further enhance our unique value proposition to the consumers and attract newer audience segments to the platform.”

He also said that several industry reports peg the segmental growth of the digital ecosystem to be around 20% - 25% CAGR over the next eight years. “At Zee, we are significantly outpacing this growth and have doubled our quarterly revenue run rate in the matter of 8 quarters. That said, sustained investments in the long term amidst navigating the macroeconomic headwinds, strained our near-term financial performance. However, we have formulated a plan that is focused on higher growth and we remain well poised to capitalize on opportunities emerging across business segments during the year.”

Goenka also mentioned that taking a long-term view, he remained cautiously optimistic about the future as the inflationary headwinds ease and the benefits of NTO 3.0 flow in, resulting in positive signs of demand and growth. “I am confident that we are well placed in the financial year '23-'24 to capitalize on growth opportunities. Our focus remains on generating higher shareholder value year-on-year, and we will strive to only grow higher from here.”

Speaking about the financial performance for the quarter and full year, Rohit Gupta, Chief Financial Officer, ZEEL, said FY23 was a challenging year for the entire Media and Entertainment industry given weak ad spending, prolonged delay in NTO implementation putting pressure on linear TV subscription revenues, and relatively subpar movie content performance.

“This operating environment has adversely impacted Zee Entertainment’s performance for the year. In FY23 we also withdrew Zee Anmol from FTA, sacrificing revenues and viewership towards our long-term objective of strengthening the pay TV ecosystem.”

Gupta further said, “While we navigated these headwinds, we continued to invest in the enhancement of our capabilities across digital (ZEE5) and sports. Both these segments being relatively nascent, have needed investments in content, marketing and technology, intensifying impacting our overall profitability. We believe these investments are critical to being able to serve and delight our viewers and advertisers. Overall, in FY23 despite all the headwinds we have strived to balance near-term financial profile of the business while making room for longer-term strategic investments.”

Speaking about the Q4 operating environment, he said, “We continued to see muted ad spending by FMCG brands during the quarter. On the subscription side, while NTO 3.0 came into effect from February 1st, 2023, there were a set of DPOs who went to court challenging NTO 3.0 and did not sign the interconnection deal with broadcasters as per the provisions of NTO 3.0. This left us with no choice but to switch off our channels to these DPOs. While the standoff ended eventually with these DPOs signing new agreements, this situation impacted our ad and subscription revenues adversely during the switch-off.”

On linear business, Gupta said ZEE continued to be India’s strong No. 2 TV entertainment network and gained a healthy 40 bps viewership share during Q4 ’23, taking viewership share to 16.6%.

While on the digital side, ZEE5 has posted a healthy quarter across financial and operating metrics. “Our Q4 digital revenues are up 36% and while there is minor moderation in usage metrics QoQ, and watch time has improved QoQ to 229 minutes. FY23 has been a great year for our digital and ZEE5 strategy and our original content is being well received. The ZEE5 app user experience has significantly improved and a healthy growth in revenue continues.”

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Active subscriber base of Pay DTH up by 1.59% in Q3: TRAI

The total active subscriber base has increased from 65.58 million in September 2022 to 66.62 million in December 2022

By exchange4media Staff | Jun 1, 2023 8:34 AM   |   2 min read


The active subscriber base in the pay direct-to-home (DTH) industry has increased by 1.59%. According to the latest Performance Indicator Report (PIR) from the Telecom Regulatory Authority of India (TRAI), private DTH companies added 1.04 million paid active subscribers as on December 31, 2022 compared to September 30, 2022. 

Pay DTH has attained a total active subscriber base of around 66.62 million. This is in addition to the subscribers of the DD Free Dish (free DTH services of Doordarshan). The total active subscriber base has increased from 65.58 million in September 2022 to 66.62 million in December 2022. 

In terms of market share, Tata Play's share was 32.70% for the quarter. Bharti Telemedia's (Airtel DTH) market share was 26.35%, Dish TV had 22.36% market share during the quarter and Sun TV Direct TV had 18.59% market share. 

Cable TV Sector 

According to the report, as on 31st December 2022, there are 1748 MSOs registered with MIB. As per the data reported by MSOs and HITS operators, there are 12 MSOs & 1 HITS operator who have a subscriber base greater than one million. GTPL Hathway had the highest subscriber base of over 8 million followed by Siti Networks Ltd with over 6 million and Hathway Digital with over 5 million subscribers.

FM Radio Service 

Apart from the radio channels operated by All India Radio – the public broadcaster, as per the data reported by FM Radio operators to TRAI, as on 31st December 2022, there are 388 operational private FM Radio channels in 113 cities operated by 36 private FM Radio operators. 

As compared to the previous quarter, there is no change in the number of operational private FM Radio channels, cities and FM Radio operators. 

The advertisement revenue reported by FM Radio operators during the quarter ending 31st December 2022 in respect of 388 private FM Radio channels is Rs 427.18 crore as against Rs.385.86 crore in respect of 388 private FM Radio channels for the previous quarter.

Pay TV Channels

As per the reporting done by broadcasters in pursuance of the Tariff Order dated 3rd March 2017 as amended, out of 892 permitted satellite TV channels which are available for downlinking in India, there are 357 satellite pay TV channels as on 31st December 2022. Out of 357 pay channels, 254 are SD satellite pay TV channels and 103 are HD satellite pay TV channels.

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TV top choice for kids despite popularity of digital platforms?

Experts from television industry say children nowadays look for stories and conversations that are both relatable and engaging

By Aditi Gupta | May 31, 2023 8:42 AM   |   7 min read

kids TV

Television, it seems, remains the top screen choice when it comes to kids’ genre despite the growing popularity of digital platforms like YouTube and OTTs.

Speaking to exchange4media about the way kids consume content, especially during summer vacations, and how it impacts viewership and advertisers, experts from the television industry said children nowadays look for stories and conversations that are both relatable and engaging.

Uttam Pal Singh, South Asia – Head of Kids Cluster, Warner Bros Discovery, opined, “Currently, there is a notable trend in India, where OTT and TV co-exist. Despite the increasing popularity of digital platforms, TV remains significant, as 98% of Indian households have single TV.”

He said this makes co-viewing an essential aspect of viewership, particularly when it comes to kids' programming.

Quoting the KPMG's 2022 Analysis, Singh said TV penetration in India is estimated to reach 76% in 2026 compared to 70% in 2020, with TV-viewing individuals reaching 900 million.

“For kids, animated content rules both on television and on digital. However, TV has mass appeal and remains top choice for kids' entertainment, surpassing other options. Indian kids TV broadcasters are investing more on locally developed and produced content which reigns in popularity,” Singh said.

Expressing a similar viewpoint, Ronojoy Chakraborty, Head-Programming, Sony YAY!, shared, TV remains the top choice for kids, and as per a 2022 survey, about 57% of kids preferred watching TV while 33% watched both and only 10% watched content on just OTT.

“We released Searchlight 2022, a survey that we conducted in association with Kantar Research to understand the habits and preferences of kids better. As part of the research, we found that about 57 per cent of the kids surveyed preferred watching TV. Only 10 per cent watched content on OTT and 33 per cent watched both. 

“The way kids consume content has changed over the last several years owing to multiple reasons. However, when it comes to the kids’ genre, TV continues to be their screen of choice. As category leaders, we are consistently curating new concepts in content for kids to keep them entertained,” Chakraborty said.

He, however, said that Sony YAY! is adapting to the changing landscape by embracing digital strategies to take the experience beyond television.

Talking about the change in the way kids consume content and impact on viewership, Singh said, “These are fascinating times we live in. Children nowadays are confident in expressing themselves and have clear preferences for the content they enjoy and want to see. They look for stories and conversations that are both relatable and engaging.

“We constantly strive to understand our audience's preferences to ensure we deliver the best possible content. For example, we recognised the increasing popularity of Japanese Anime among young adults and children due to the increased exposure to global and local content in the last few years,” he said.

Singh also said that offering content in various Indian local languages has contributed immensely to the success in kids genre and increased viewership in recent times.

“Another important factor contributing to our shows' success, whether original or acquired, is providing content in local languages. To that effect, we have made a strategic effort to expand our offerings in Hindi, Tamil, Telugu, Kannada, Malayalam and Marathi. It is a prime driver that has led to increased viewership for this genre in recent years,” he told e4m.

In a recent interaction with e4m, Nina Elavia Jaipuria, Head, Hindi Mass Entertainment and Kids TV Network, Viacom18, spoke about how their channel Nickelodeon keeps kids interested in its content despite there being so many options available with them to watch content on multiple platforms.

She had said that “despite the fragmentation and choices that children have today, they realise that the content given on the kids genre or on Nickelodeon is tailored for them.”

As summer vacations are going on, channels like Cartoon Network, POGO, Discovery Kids, Sony YAY! and Nickelodeon have come up with new content line-ups for kids.

Sharing the line-up and formats across Warner Bros Discovery’s network channels – Cartoon Network, POGO and Discovery Kids, Uttam Pal Singh said, “We ringed the summer season with new offerings, giving our fans (kids, young adults and families) relatable storylines and engaging formats to enjoy.”

“We kickstarted the summer on POGO with the celebrations for 15 golden years of the beloved 'Chhota Bheem' birthday with #HBDBheem campaign and the premier of globally popular 'Mighty Little Bheem' for the first time on Indian Television.

“Moreover, we have 'Chhota Bheem' Big Pictures, a new format of presenting stories for the flagship IPs. For Mother’s Day celebration, we had 'Little Singham YudhKaal’ adventure between Little Singham and his mother and 'Tittoo' movie premier on POGO,” he told e4m.

For Cartoon Network, Singh said, “We announced the 'CN Superhero Summer' campaign and kicked off the excitement with the launch of 'Dragon Ball Z Kai' show which will continue to engage and excite the Otaku community and fans along with new episodes of the superhero action-comedy 'Teen Titans Go!'.

“Lastly, 'Kris, Roll no 21' and 'Mr Bean: The Animated Series' on Discovery Kids with 'Non-Stop Masti Summer' will continue entertaining audiences throughout the summer,” he said.

Sharing the lineup for Sony Yay! Chakraborty said, “Our new lineup of shows this summer include brand new episodes of the popular show Oggy and the Cockroaches, featuring the beloved character Oggy and his mischievous arch-nemesis, the cockroaches. Oggy and the cockroaches Next gen which showcased the fun banter of Oggy and his friend Piya the baby elephant.”

Experts also said that due to the increased co-viewership in kids’ genre, brands across categories like food and beverages, stationary, personal care and home care have been advertising with the channels.

“TV has strengthened its position as a family-viewing platform in India, with the kids’ genre as the key contributor. Thanks to the immense popularity of Cartoon Network, POGO, and Discovery Kids characters and the loyal viewer base, brands across categories such as snacks/food & beverages, student stationary, personal care/hygiene, home care, and consumer durables have contributed to our channels.

“For the summer campaigns, brands that have traditionally advertised on television continue their commitment with new shows and IPs for their campaigns and new brand launches. We also have brands who are advertising on Kids TV for the first time purely due to the immense popularity of our iconic characters Chhota Bheem and Little Singham,” Singh said.

According to Chakraborty, Sony YAY! has onboarded advertisers who are dedicated to providing an incredible experience for kids and their families.

“Our advertisers primarily belong to categories that revolve around products specifically designed for kids and mothers. These categories include Food and Beverages, Personal Care/Hygiene, Laundry, and Household Products.

“In addition to the brands on the channel Sony YAY! also has an exhaustive portfolio in its Licensing and Merchandising business. The L&M portfolio includes over 100+ homegrown toons and the brand is also the Master licensee for popular characters like Oggy and the cockroaches and Naruto in India,” he said.

Viacom 18’s Jaipuria had earlier told e4m that, "On the channel, advertisers normally come as a whole for summer. So it's not like they come for just a specific show unlike GEC where advertisers want to spend on one specific show. Hence, the channel is sold as a channel and not as a slot."

Speaking on the ad rates she had said, "I would love to get far more because we have a reach higher than a lot of other genres but we don't get paid what we deserve. But like I said, over the years, and because I've seen the space grow, of course, we've moved into a trajectory where advertisers are now willing to pay us good money, but not the best.”

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NBCUniversal & JioCinema strike multi-year partnership

Viewers will have access to shows like Downton Abbey, Suits and The Office

By exchange4media Staff | May 29, 2023 2:29 PM   |   3 min read


NBCUniversal (NBCU) and JioCinema have entered into a multi-year partnership bringing thousands of hours of NBCU films and TV series to India.

This partnership significantly bolsters JioCinema’s program offering and ensures that their viewers will be able to enjoy titles from NBCU’s world-renowned content portfolio.  That portfolio is fuelled by Comcast NBCUniversal’s powerhouse production entities and brands, which includes Universal Television, UCP, Universal International Studios, Universal Television Alternative Studio, Sky Studios, DreamWorks Animation, Universal Pictures, Focus Features, Bravo, and more.

NBCU’s programming will live in a Peacock branded hub starting next month on JioCinema’s newly announced “JioCinema Premium” SVOD tier. Here, viewers will have access to first-run series like Young Rock, a heartfelt comedy starring global superstar Dwayne Johnson that tells the story of his life and the people he’s met along the way; riveting action thriller The Lazarus Project; and The Lovers, a darkly romantic comedic drama. Indian audiences can also enjoy Peacock Originals including Bel-Air, a dramatic reimagining of the ‘90s comedy series that starred Will Smith; Pitch Perfect: Bumper in Berlin, a spin-off series starring Adam Devine who reprises his character from the hit film; and The Calling, an investigative drama series from Emmy® winner David E. Kelley, directed and executive produced by Oscar® winner Barry Levinson, and co-composed by Oscar® winner Hans Zimmer and Steve Mazzaro. Critically acclaimed and fan favorite dramas and comedies from NBCU’s vast library, including Downton Abbey, Suits, The Office, Parks and Recreation and The Mindy Project, are also a part of this deal.  

Fans of reality television will also be able to indulge in all the drama, laughter, and emotional highs and lows found in NBCU’s unscripted series. Encompassed in the deal are shows like the hugely popular The Real Housewives of Beverly Hills and Vanderpump Rules; in addition to Family Karma, which follows seven Indian-American friends as they navigate life, love, careers and expectations of their traditional families; and The Gentle Art of Swedish Death Cleaning, a transformational show – narrated by Amy Poehler – where three Swedes (an organizer, a designer and a psychologist), known as the ‘Death Cleaners,’ come to America to help people face mortality and remind us of all the ways we are alive.

Further contributing to JioCinema’s impressive SVOD lineup at launch will be the streaming premieres of movies from the iconic Hollywood studio, which has already amassed more than $2 billion at the global box office so far in 2023. This includes DreamWorks Animation’s Oscar-nominated Puss in Boots: The Last Wish, and the sci-fi horror film M3GAN, from James Wan (producer of The Conjuring, Annabelle) and Blumhouse. Joining these recent hits will be films in the blockbuster Jurassic, Bourne, Shrek, The Mummy and Pitch Perfect franchises.  

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IPL 2023: 19 new categories & 95 new brands advertised in 71 matches held so far

According to the TAM Advertising Report, the top advertisers for this year’s IPL are Sporta Technologies (, K P Pan Foods, Parle Biscuits, Coca-Cola India and Vishnu Packaging

By exchange4media Staff | May 29, 2023 1:31 PM   |   2 min read


As many as 19 new advertising categories and 95 new brands advertised in the first 71 matches of TATA IPL this year compared to the same number of matches in IPL 15, according to a TAM Advertising Report with Pan Masala continuing to be the top spender.

Earlier the top spot was taken by the fantasy sports/ecomm gaming category.

The latest report states that Pan Masala, which was consistently second after ecom gaming in the first 44 matches, now contributes to 16% of ad volume. Ecomm gaming has a 13 % share in ad volume, the latest report said.

In IPL 16, these two categories managed to be in the top five advertising categories throughout the 71 matches.

Compared to the 71 matches during the last IPL, the share of Pan Masala increased from 7% to 16%.

The other categories in the top five are aerated soft drink (9%), biscuits (9%) and cellular phone service (6%), which means three out of the five top categories are food and beverages.

Collectively, the top five categories in IPL 16 together had a 53% share of Ad Volumes while the top five advertisers contributed a 37% share of Ad Volumes during 71 matches this season.

Sporta Technologies was the leading advertiser during all 71 matches with a 10 % share in Ad Volumes compared to 7% last IPL season.

Among the 95 new brands, ‘Airtel 5G Plus’ maintained its leading position followed by Thums Up Charged, Rupay Credit, Maruti Suzuki Fronx and Airtel 5G Plus-Apple Iphone 14 Pro.

Top advertisers for this year’s IPL are Sporta Technologies (, K P Pan Foods, Parle Biscuits, Coca-Cola India and Vishnu Packaging.

The percentage share (based on Ad Volumes) of Sporta Technologies ( and K P Pan Foods, increased from 7% and 4%, respectively in IPL 15 to 10% and 8% in IPL 16.

The top five new advertising categories are biscuits, dry fruits, ecomm-travel and tourism, moisturising lotions and luggage.

The report also mentioned common and exclusive brands on national sports channels versus regional sports channels in IPL 16.

A total of 12 exclusive brands were seen on national (Hindi and English language) sports channels while 18 exclusive brands made it to regional language sports channels during the 71 matches this IPL., an online sports gaming platform, was leading the list of common brands on both regional and Hindi + English sports channels during the matches.

As many as 96 brands were common in both channel categories during the 71 matches this IPL, the report said.

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Zee-Sony merger: NCLAT sets aside NCLT order to NSE and BSE about reviewing approvals

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

By exchange4media Staff | May 26, 2023 4:04 PM   |   1 min read

zee sony

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.

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NCLAT likely to hear ZEEL's plea today

The appellate body had deferred the hearing for ZEEL’s petition against the NCLT order

By exchange4media Staff | May 26, 2023 8:54 AM   |   1 min read


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).

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