Zee asserted in its Q3 financial statements that it has strong grounds to counter Star India s claims in the ICC TV rights agreement matter. The company added that it has accrued Rs 72.1 crore for bank guarantee commission and interest expenses for its share of bank guarantee and deposit as per the agreement.
Sony Group s India units, Culver Max Entertainment and Bangla Entertainment, have challenged the maintainability of Zee Entertainment Enterprises application for the merger scheme before the National Company Law Tribunal (NCLT). The NCLT has combined Zee s plea with that of its shareholder, Mad Man Film Ventures, and scheduled a hearing for March 12. Mad Man Film Ventures has also approached the NCLT seeking the implementation of the merger scheme.
Sony Group-owned Culver Max Entertainment and Bangla Entertainment have urged the Singapore International Appellate Tribunal (SIAC) to restrain Zee Entertainment Enterprises (ZEE) from seeking legal remedies from NCLT or any other court in India or elsewhere. Sony alleges that Mad Man Film is a proxy for ZEE and has requested an order to prevent ZEE from seeking remedies related to the merger cooperation agreement during the contractual disputes.