Sources said during the one-month extension of the negotiation period, ZEEL had proposed an extension of a further six months for closing the transaction, even offering to discuss any other alternate closing timeline that Sony believed would be reasonable and achievable.
Zee Entertainment makes a move to revive the terminated merger with Sony yourstory.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yourstory.com Daily Mail and Mail on Sunday newspapers.
Rohit Mehra, the resolution professional (RP) managing the insolvency proceedings against Siti, moved the NCLT, seeking directions to restrain Star from disconnecting signals and continue providing TV signals till the final adjudication of the appeal.
Zee Entertainment Enterprises Ltd (ZEEL) is seeking rapprochement with Sony Group as it makes a last-ditch effort to resurrect a $10 billion merger, according to industry sources.
After the Japanese multinational firm pulled the plug on its $10 billion merger deal in January, the Indian company reached out again to Sony to reconsider the termination and offered for talks this month, a source said.
On the other hand, Sony is understood to be evaluating the proposal from Zee.