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.
BENGALURU (Reuters) -Zee Entertainment on Wednesday called on Sony to honour its obligations to close a $10 billion merger deal between the companies and asked an Indian tribunal to order Sony to complete the combination that the Japanese firm terminated. Sony terminated merger plans with Zee on Monday after more than two years of negotiations, seeking $90 million in termination fees from the Indian broadcaster for alleged breaches of terms of the agreement. Zee, in a regulatory filing, denied Sony's claims that it breached its obligations under the deal and said it has started legal action to contest the claims in arbitration proceedings before the Singapore International Arbitration Centre.