The three-member committee will be headed by former Allahabad High Court judge Dr Satish Chandra and will have Uttam Prakash Agarwal and P V R Murthy as the independent directors.
The deal which was signed on December 21, 2021, to create the country’s largest media and entertainment conglomerate worth $10 billion, had an initial deadline of January 2023
The development comes months after IDBI Bank approached NCLT in December last year seeking an insolvency proceeding against the debt-laden media giant, in order to recover ₹149.60 crore dues.
Chandra’s resignation as Zee’s chairman marks the end of an era in which he pioneered the growth of private sector broadcast TV in the country. He will remain a board member.