The National Company Law Appellate Tribunal (NCLAT) Friday set aside an order passed by National Company Law Tribunal (NCLT) at Mumbai directing stock exchanges to reassess their initial approvals granted for the merger of Zee Entertainment Enterprises Ltd (Zee) with Culver Max Entertainment (earlier known as Sony Pictures Networks India)..On May 11, the NCLT had directed the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) to issue updated no-objection certificates before June 16, 2023. ZEE moved NCLAT against this order of May 11. Zee contended that it was not provided adequate opportunity to present its side of the argument, aIt also submitted that NCLT doesn't have jurisdiction over issues like non-compete fees. .A coram of judicial member Justice Rakesh Kumar and technical member Dr Alok Srivastava set aside the NCLT order today.Copy of the order of awaited. .Culver Max and ZEE entered into a non-binding term sheet in September 2021. This was to bring together their digital assets, linear network, production operations and programme libraries. The scheme of arrangement of the merger is that Sony Group will indirectly hold 50.86% of the combined company. ZEE founder will own around 4%, while the rest will be distributed amongst the shareholders of ZEE.Sony group will also pay ₹1,100 crore to Essel Group promoters as a 'non-compete' fee. Reportedly, the merged entity will together own over 70 TV channels, two video streaming services (ZEE5 and Sony LIV) and two film studios (Zee Studios and Sony Pictures Films India) making it the largest entertainment network in India.