Axis Finance Ltd (AFL) has requested Raj Kamal Saraogi, the resolution professional overseeing personal insolvency proceeding against Subhash Chandra, to intervene and stop the amalgamation scheme between Zee Entertainment, Culver Max Entertainment (Sony) and Bangla Entertainment, a subsidiary of Sony.
In a communication to Saraogi, AFL, the non-banking financial arm of Axis Bank, said Chandra’s Essel Mauritius has entered into a non-compete agreement with SPE Mauritius Investments, a Sony group company, as part of the merger deal between Sony and Zee, adding that the non-compete agreement runs contrary to a Supreme Court order of August 5, 2022.
Under the agreement between the two companies, SPE Mauritius Investments will pay a non-compe…
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