Zee Entertainment Enterprises (ZEEL) has re-engaged with Sony Group Corp in a last-ditch attempt to revive their $10-billion merger, which had been officially called off on January 22, people aware of the matter said.
Zee Entertainment Enterprises has re-engaged with Sony Group Corp in a last-ditch attempt to revive their $10-billion merger. Major differences and disagreements over terms and conditions persist, and the outcome remains uncertain.
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.
The Singapore International Arbitration Centre (SIAC) denies emergency interim relief to Sony Group companies against Zee Entertainment Enterprises. SIAC s emergency arbitrator states that the National Company Law Tribunal (NCLT) is the appropriate forum. Legal experts confirm that arbitration proceedings regarding Zee s obligation to pay $90 million in termination fees to Sony will continue.
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.