Fresh hurdles have come up before the Zee-Sony merger as the BSE and NSEmay have to reconsider their approval to the deal.

An interim order given by the Securities and Exchange Board of India (Sebi) against an Essel group firm Shirpur Gold Refinery (SGRL) has generated fresh uncertainty over the deal. Zee is part of the Essel group.

At a hearing on the merger before the National Company Law Tribunal (NCLT) for its approval, counsel for both BSE and NSE reportedly informed the tribunal they have been asked by the market regulator to submit its April 25 order on Shirpur before the court.

The NCLT bench comprising Justice H.V. Subba Rao and Justice Madhu Sinha is understood to have asked them whether they would be reconsidering their approval following the Sebi order.

The market regulator had issued interim order-cum-show-cause notices against SGRL, its erstwhile chairman Amit Goenka, promoter Jayneer Infrapower and Multiventures, and five others for allegedly siphoning off funds from the company.

Shirpur has been taken to the NCLT under IBC by its lenders.

According to Sebi, the family members of Subhash Chandra, including his son Amit Goenka, are the shareholders in Jayneer.

In its order, Sebi directed the parties to disclose the updated status of all the undisclosed material events to the stock exchanges within 15 days.

In the interim order, Sebi alleged the financial statements of SGRL were misrepresented to facilitate diversion of its assets to Jayneer through promoter-connected entities. This in turn led to the sale of assets to the connected entities without receipt of consideration from them.

Shares of Zee on Friday ended with losses of 3.13 per cent at Rs 185.95.