The Bombay High Court directed the developer to pay Rs. 4 crore within six weeks to purge contempt, 1 crore already deposited and the developer is required to pay remaining Rs. 3 crore within six weeks.
The Mumbai bench of the National Company Law Tribunal failed to consider that the Zee-Sony merger is illegal, unfair, and unjust as the order approving it is in breach of a SEBI order against Punit Goenka, Axis Finance Ltd. submitted to the National Company Law Appellate Tribunal in Delhi.