During a meeting held last week, the unsecured creditors of SPNI unanimously approved the merger of Bangla Entertainment with Culver Max, both of which are indirect, wholly owned subsidiaries of Japan’s Sony Group. The decision was documented in a report submitted to the meeting chairperson, Ritesh Khosla, who is also the SPNI executive appointed by the Mumbai bench of the National Company Law Tribunal (NCLT).
Bangla Entertainment is engaged in licensing and syndication of audio visual content, including Bangla programming, and had earlier transferred its broadcasting division, including Sony Aath and Sony Marathi, to SPNI through a slump sale. The proposed merger will complete that consolidation.
On December 11 last year, the NCLT had directed that a meeting of unsecured creditors of SPNI be convened to consider the scheme of amalgamation under Sections 230 to 232 of the Companies Act, 2013.
The assistant commissioner of central goods and services tax, through an authorised signatory, has filed an interlocutory application, which remains pending.
Experts said such filings typically relate to outstanding or contingent tax claims and do not necessarily impede approval of a merger scheme.
SPNI has been restructuring its operations by reshuffling senior management and initiating cost-cutting measures, including laying off more than 100 employees. The boards of the two entities had approved the merger on June 19, 2025.According to the companies, the scheme will create a financially stronger combined entity, unlock synergies and operational efficiencies, helping better monetise Bangla Entertainment’s content library, drive growth in broadcasting and audio visual markets, and reduce regulatory and administrative duplication through unified licences and compliances.
SPNI has 1,190 unsecured creditors, as recorded before the tribunal. Of these, 135 had balances exceeding ₹10 lakh as on March 31, 2025. Bangla Entertainment, the transferor company, had no secured or unsecured creditors at the time of filing of the scheme application.
