Sony had last month terminated the $10 billion merger of its Indian arm with Zee Enterprises, saying that Zee did not meet the conditions precedent among them financial management and recovery of dues from the related party.
Zee-Sony Deal: The broken Zee Entertainment - Sony Group merger plan has led to intriguing developments on the legal front. Japan s Sony invoked the arbitration clause and sought $90 million from Zee for breach of the merger agreement. Zee, on the other hand, approached the National Company Law Tribunal seeking an order for Sony to merge as approved by the Tribunal. These actions are creating more complexities in the deal, but they can lay the grounds for a solid legal framework for dispute settlement.
ZEE has argued that Punit Goenka’s case with Sebi and the merger are two separate cases. The current ZEE valuations do not appear to justify the strong potential of the merged entity.
Zee Entertainment moves NCLT seeking dismissal of IndusInd Bank petition : Rashtra News #Zee #Entertainment #moves #NCLT #seeking #dismissal #IndusInd #Bank #petition The petition was filed on Monday, it said, without providing further details. Zee Entertainment Enterprises (ZEEL) on Tuesday said it has filed an interlocutory application before the National Company Law Tribunal’s (NCLT’s) Mumbai […]