NCLT Mumbai bench adjourned Siti Networks insolvency hearing to April 3. Rohit Mehra, suspended board of directors, NCLAT intervention, financial and operational creditors claims, including Zee Entertainment Enterprises, were crucial in the process.
Months of drama and bitter email exchanges preceded the Sony Groups decision to call off its merger deal with Zee Entertainment Enterprises, with both sides accusing each other of not meeting the conditions required to complete the transaction, show documents accessed by ET.
Sony Group and Zee Entertainment Enterprises called off their merger deal due to a disagreement over the managing director and chief executive position. The deal termination notice from Sony claimed multiple breaches by Zee, including a decline in operating profit, non-disclosure of investigations, and signing a deal with Disney Star without Sony s consent. Zee defended its actions, stating that there were sports-related exceptions and questioning Sony s motives for raising issues late in the deal.