TIWN
Mumbai, Dec 2 : In the continuing saga replete with many twists and turns, IDBI Trusteeship Services Limited (ITSL) has now filed an appeal at the National Company Law Appellate Tribunal (NCLAT) against Essel Group Chairperson Subhash Chandra, challenging the order of the National Company Law Tribunal Mumbai which gave a go-ahead to the Zee Entertainment Enterprises Limited (ZEEL) and Sony merger.
The appeal challenges the National Company Law Tribunal Mumbai order rejecting IDBI trusteeship's objection to the merger.
The grounds being that Chandra had executed a personal guarantee on June 25, 2019, in favour of IDBI Trusteeship (for the benefit of Franklin Templeton) guaranteeing the repayment obligations towards the debentures.
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