Mumbai: National Company Law Tribunal (NCLT) has asked the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) to reconsider their initial approvals for the merger and issue no-objection certificates before the next hearing. The bench headed by HV Subba Rao and Madhu Sinha will hear the case on 16 June.

According to the news report, on 11 May, the NCLT directed the exchanges to reassess the approvals, which previously got a thumbs up from the Securities and Exchange Board of India (SEBI).

The new instructions come close on the heels of SEBI’s interim ruling against one of the promoters of the Essel Group, which owns Zee.

The proposal for the merger has already been green-lighted by the BSE, NSE, Zee shareholders and the Competition Commission of India.