The Mumbai bench of the NCLT has ordered the BSE and NSE to reconsider their initial approvals for the Zee-Sony union and issue updated no-objection certificates before the next hearing. The development puts up fresh hurdles to the long-awaited merger of the two broadcast companies, according to a report by the Economic Times. The case will now be heard by a division bench on June 16, the report added. The NCLT had on May 11 directed the exchanges to reassess and validate the non-compete clause of the merger, which was approved by the exchanges and the market regulator Sebi, as per the report. Earlier this month, Sebi had issued an adverse interim ruling against an entity of the Essel Group that founded Zee, which led to the NCLT directive.
JioMart to lay off 1,000
Mukesh Ambani-helmed Reliance Industries’ online wholesale format JioMart has reportedly laid off over a thousand employees. This comes after the company aims to align its operations with Metro Cash and Carry that it acquired recently. According to media reports, this round of layoffs is part of a larger round that would reduce its 15,000-strong workforce in the wholesale division by two-thirds. As per reports, sources have confirmed that the company asked 1,000 people on ground, including 500 executives at its corporate office to resign in the past few days and also plans to lay off more with hundreds of employees already put on performance improvement plan (PIP). It has been claimed in the media reports that in the coming few weeks, the company may ask 9,900 additional people from the company to exit.. Rest of the sales employees have been put on a variable pay structure after the company lowered their fixed pay salary.
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