The ministry s preliminary probe had found appropriation of ZEEL s fixed deposits (FDs) by Yes Bank, for squaring off loans of related entities of Essel Group. ZEEL is part of the Essel Group promoted by Subhash Chandra and his family.
A sneak peek into the arguments likely to be put forth by Zee in its case before the NCLT next week shows how it made multiple attempts to save the merger deal with Sony.
In another big blow, Sony is also seeking a termination fee of $90 million citing alleged breaches of the merger co-operation agreement (MCA) by Zee Entertainment.
India Business News: MUMBAI: Zee Entertainment Enterprises has requested Sony Pictures Networks India to push the deadline for a $10-billion merger again after the first e.
Sony said certain ‘closing conditions’ to the merger were not satisfied despite ‘good faith discussions’ with Zee, and the companies had been unable to agree upon an extension by their Jan. 21 deadline