The National Company Law Appellate Tribunal (NCLAT) rejected Axis Finance and IDBI Bank’s plea for a stay on the Zee Entertainment Enterprises (ZEEL) and Culver Max Entertainment merger. The merger, forming the nation’s largest media entity, faced challenges from financial institutions like IDBI Trusteeship, Axis Finance, and others. The NCLAT directed ZEEL to respond and scheduled a hearing for January 8. This decision follows the NCLT’s approval on August 10, dismissing objections from financial institutions. The legal dispute underscores opposition from certain entities regarding the major media merger.