Zee files application seeking recall of NCLT order sanctioning merger with Sony
Zee Entertainment Enterprises has filed an application with the National Company Law Tribunal (NCLT) seeking the recall of the tribunal's August 10, 2023 order, which sanctioned the merger scheme with Sony Group Corporation's India media units, Culver Max Entertainment and Bangla Entertainment.
The Indian entertainment giant filed the application with the Mumbai bench of the NCLT on August 29, according to its regulatory filing.
Furthermore, on August 30, Zee withdrew its application and relinquished its rights to file claims/counterclaims before the arbitral tribunal constituted in the arbitration proceedings related to the merger cooperation agreement dated December 22, 2021.
The arbitration proceedings were initiated by Culver Max and Bangla Entertainment before the SIAC. Zee contested the Sony-owned companies' claim of a $90 million termination fee for the non-fulfillment of the merger scheme.
«Accordingly, the scheme cannot be made effective in terms thereof,» Zee said in the regulatory filing.
Zee enters into settlement agreement with Sony India; terminates $10 bn deal
On August 27, Zee and Sony announced that they had reached a comprehensive non-cash settlement, resolving all disputes related to the failed merger deal between the two companies.
In a joint statement, the companies confirmed that they had mutually agreed to withdraw all respective claims against each other in the ongoing arbitration at the SIAC and all related legal proceedings initiated in the NCLT and other forums.
