ET Retail, December 16, 2022
The Bombay Bench of the National Company Law Tribunal (NCLT) has posted the PVR-Inox merger application case for a final hearing on January 12, 2023. Earlier, the tribunal had fixed December 15 as the date for the hearing and final disposal of the application.
“The NCLT has posted the PVRInox merger application for final disposal on 12th January 2023. All the regulatory authorities have filed their reports to the NCLT,” a source close to the development said.
The two companies have sought the NCLT’s approval for the proposed merger.
Recently, the not-for-profit public policy and advocacy group Consumer Unity & Trust Society (CUTS) moved the National Company Law Appellate Tribunal (NCLAT) against the Competition Commission of India’s (CCI) order on the PVR-Inox merger deal.
A two-member Bench adjourned the matter till February 9. PVR and Inox have also been made parties in the matter. In September, the CCI rejected CUTS’ complaint against the merger between PVR and Inox Leisure. The competition watchdog had stated that the apprehension of the likelihood of appreciable adverse effect on competition (AAEC) by an entity that is yet to take form cannot be a subject matter of inquiry/investigation.
The CCI had also stated that it would examine the order under the provisions of the Competition Act if, post-facto, any matter of abusive conduct comes up. Under the all-stock amalgamation deal, Inox will merge with PVR.
The promoters of Inox will become co-promoters in the merged entity along with the existing promoters of PVR. The combined entity will become the largest film exhibition company in India operating 1546 screens across 341 properties across 109 cities.
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