Tuesday, March 5, 2024
Tuesday, March 5, 2024
HomeBusinessSony's statement seeking to stop Zee over merger is denied

Sony’s statement seeking to stop Zee over merger is denied

Sony and Zee. | Photo credit: REUTERS

Zee Entertainment Enterprises Ltd said on Sunday that the Singapore Arbitration Center has denied Sony Group’s petition seeking to restrain the Indian media company from approaching the NCLT to enforce a merger that was canceled by the Indian arm of the Japanese company. .

An emergency arbitrator at the Singapore International Arbitration Center denied the interim relief sought by Culver Max and BEPL (Bangla Entertainment Pvt Ltd) to restrain Zee Entertainment Enterprise Ltd (ZEEL), observing that it lacks jurisdiction to pass such an order, ZEEL stated. in a presentation addressed to stock exchanges.

“We wish to advise that the Emergency Arbitrator issued an award dated February 4, 2024, denying the request for emergency provisional measures filed by Culver Max and BEPL and has determined that the Emergency Arbitrator does not have jurisdiction or authority to prohibit the Company getting closer “The NCLT must implement the Merger Plan as these are matters that fall within the legal system and are within the jurisdiction of the NCLT to decide,” he added.

Pact ‘finished’

Sony last month terminated the merger agreement with ZEEL to merge its two Indian entities – Culver Max Entertainment (previously known as Sony Pictures Network India) and BEPL.

Sony Group Corporation (SGC) had said that ZEEL did not meet the conditions of the merger and initiated arbitration proceedings before SIAC claiming $90 million as termination fee.

ZEEL filed a petition before the National Company Law Tribunal (NCLT), seeking directions to the Sony group to implement the merger plan.

ZEEL also initiated legal action to challenge the $90 million lawsuit filed by Sony Group with SIAC.

He claimed that group company Sony Culver Max and BEPL (Bangla Entertainment Pvt Ltd), which were to merge with ZEEL, are “failing in their obligations to give effect” and implement the merger plan which was sanctioned by the NCLT.

‘Breach of pact’

“The company approached the NCLT, Mumbai bank, seeking, among other things, directions to implement the merger plan,” ZEEL had said in a regulatory filing on January 24, two days after Sony terminated the merger agreement.

The NCLT bench in Mumbai on August 10, 2023 approved ZEEL’s merger plan with group entities Sony Culver Max Entertainment and BEPL, which could have created a $10 billion media entity.

If the Sony-Zee merger is completed, the combined entity would own over 70 television channels, two video streaming services (ZEE5 and SonyLIV) and two film studios (Zee Studios and Sony Pictures Films India), making it on the world’s largest entertainment network. country.

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