NCLAT has declined a stay order on the Zee Entertainment Enterprises Limited (ZEEL) and Sony merger. Zee s shares surged, hitting Rs 286.50, rising 1.6% on BSE Sensex at 70,980. The National Company Law Appellate Tribunal (NCLAT) issued a notice for a hearing on January 8 regarding the challenge against the merger by IDBI Bank and Axis Finance, objecting to the NCLT s August 10, 2023, approval order.