Rajan Bajaj, Founder and CEO, slice
| Photo Credit: The Hindu

slice, India’s leading consumer payments and lending company has received approval from the National Company Law Tribunal (NCLT) for its merger with North East Small Finance Bank (NESFB). The NCLT, Guwahati bench, has sanctioned the Scheme of Arrangement and Amalgamation involving Garagepreneurs Internet Private Limited, Quadrillion Finance Private Limited, Intergalactory Foundry Private Limited, RGVN (North East) Microfinance Limited, and North East Small Finance Bank Limited.

The approval paves way for the official merger, combining slice’s digital prowess with NESFB’s grassroots banking expertise to deliver a superior financial experience to Indian consumers. This follows critical approvals from the Competition Commission of India (CCI), the Registrar of Companies (RoC), and the Regional Director (RD), as well as no-objection certificates from the Reserve Bank of India (RBI) and the Income Tax Department. The merger will enable the combined entity to leverage advanced technology and deep community understanding, fostering financial inclusion across the nation. Customers can look forward to an expanded range of products, enhanced omni channel offerings, and a seamless banking experience.

Commenting on the approval, Rajan Bajaj, Founder and CEO, slice, said, “We are truly grateful for the trust and support of everyone and the distinguished regulatory bodies that played a pivotal role in the process. At slice, we have always prioritized our commitment to our customers. This approval reinforces our dedication to creating a highly inclusive and responsible banking environment. This merger represents not just a milestone, but a testament to our shared dedication to redefining banking experiences and expanding accessibility for all. We are excited to merge with NESFB, and together, we will continue to innovate and strengthen financial access, technology driven banking systems, and customer service.“

slice and NESFB will soon announce the effective merger date and details of the merged entity. In the coming months, both organizations will work diligently to ensure a smooth transition for all customers, employees and stakeholders, with a focus on maintaining the highest standards of service and support.

This merger represents a significant step forward in advancing financial inclusivity and setting new industry benchmarks through innovative tech solutions.

Image for representation. File
| Photo Credit: K. Pichumani

Jet Airways on May 30 said there will be a delay in declaring the financial results for the quarter and year ended March 2024, and its monitoring committee expected to meet shortly to consider the results.

“We wish to state that currently the approved resolution plan is at the implementation stage and every effort is being ensured to comply with the necessary provisions of SEBI LODR Regulations, as such a meeting of the monitoring committee will be convened at the earliest to consider and adopt the aforesaid financial results,” the airline said in a regulatory filing.

Jet Airways, which stopped flying in April 2019 due to financial crunch, is undergoing an insolvency resolution process.

The resolution plan submitted by the consortium of Murari Lal Jalan and Florian Fritsch was approved by the Mumbai bench of the National Company Law Tribunal (NCLT) in June 2021.

Subsequently, the monitoring committee was set up to oversee the implementation of the approved plan. The plan is yet to be implemented.

The committee has not considered adopted the financial results for the September and December quarters of the last financial year.

“Consequently, the audited financial results [standalone] of the company for the quarter and year ended March 31, 2024 also could not be considered and adopted by the monitoring committee.

“… a meeting will be convened shortly to consider and adopt the aforesaid financial results of the company. Accordingly, necessary intimation wrt the same will be filed with the exchanges,” the filing said.

ZEEL has, on account of Culver Max’s and BEPL’s breaches under the Merger Cooperation agreement, terminated the MCA by issuing a letter dated May 23, 2024. 
| Photo Credit: Reuters

Zee Entertainment Enterprises has sought a termination fee of $90 million (around ₹748.7 crore) from the Sony Group for calling off the $10 billion merger deal in January this year.

It has sought termination fees from two Sony Group entities — Sony Pictures Networks India (SPNI), now known as Culver Max Entertainment, and Bangla Entertainment (BEPL), according to a regulatory filing from Zee Entertainment Enterprises Limited (ZEEL) on May 24.

ZEEL has, on account of Culver Max’s and BEPL’s breaches under the Merger Cooperation agreement (MCA), terminated the MCA by issuing a letter dated May 23, 2024. “The company has sought a termination fee from Culver Max and BEPL under the provisions of the MCA,” it said.

“Culver Max and BEPL have failed to comply with their obligations under the MCA. Therefore, the company has terminated the MCA and called upon Culver Max and BEPL to pay the termination fee i.e. the aggregate amount equal to $90 million in accordance with the MCA,” it said.

Earlier on January 22, 2024, Sony Group Corporation (SGC) had said that ZEEL did not satisfy the merger conditions and initiated arbitration proceedings before the Singapore International Arbitration Centre (SIAC) claiming $90 million as termination fee.

This was contested by ZEEL before the SIAC, which denied any interim relief to the Sony group against the Indian broadcaster. ZEEL had moved the National Company Law Tribunal seeking implementation of the proposed merger and later withdrew its plea.

“We hereby wish to inform you that the company has, on account of Culver Max’s and BEPL’s breaches under the MCA, terminated the MCA by issuing a letter dated May 23, 2024, and sought a termination fee from Culver Max and BEPL in accordance with the provisions of the MCA,” the filing said. ZEEL and SPNI had entered into an agreement to merge on December 22, 2021.

On August 10, 2023 the Mumbai Bench of NCLT approved the scheme of merger of ZEEL with Sony group entities Culver Max Entertainment and BEPL, which could have created a $10 billion media entity.

However, two years after that Sony Corporation announced the termination of the agreement on January 22, 2024.

New Delhi:

Crisis-hit carrier SpiceJet can settle issues with lessors that have sought initiation of insolvency proceedings against it, the National Company Law Tribunal has suggested. The tribunal’s suggestion came amid Spicejet’s move to issue shares in lieu of dues to nine aircraft lessors.

On Tuesday, the NCLT was hearing a plea filed by Celestial Aviation Services Ltd, an operational creditor which had filed an appeal to initiate insolvency proceedings against the airline.

A two-member bench of the tribunal observed that the airline is settling with some of aeroplane lessors by converting debt into equity.

“SpiceJet seems to be settling with other lessors by giving shares, Why don’t you settle with these lessors as well?” said the bench comprising M M Khandelwal and Rahul Prasad Bhatnagar.

This was in reference to Celestial Aviation Services and four other lessors who have filed pleas against the airline.

The bench said in its opinion, it is in its best interest to settle with the lessors and suggested that all of them sit together and resolve the disputes.

The tribunal also observed that “banks have not filed insolvency petitions, only lessors have come”.

On Monday, SpiceJet announced the allotment of 4.81 crore equity shares on a preferential basis to nine of its aircraft lessors to clear outstanding dues of Rs 231 crore.

The NCLT is scheduled to hear pleas of all SpiceJet lessors on September 15.

According to regulatory filings, nine lessors who have been allotted shares include SASOF III (A13) Aviation Ireland DAC, SASOF III (A6) Aviation Ireland DAC, SASOF III (C) Aviation Ireland DAC, SASOF III (E) Aviation Ireland DAC, SASOF III (A19) Aviation Ireland DAC, SASOF II (J) Aviation Ireland DAC Citrine Aircraft Leasing Limited, Fly Aircraft Holdings Seven Limited, Fly Aircraft Holdings One Limited.