In January, Culver Max Entertainment (previously Sony Pictures Network India) called off the $10-billion merger with ZEEL after it claimed that Zee failed to meet some financial terms of the deal and come up with a plan to address them.
Mad Man Film Ventures files fresh application in NCLT against Sony: Best Media Info bestmediainfo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bestmediainfo.com Daily Mail and Mail on Sunday newspapers.
The Mumbai bench of the National Company Law Tribunal (NCLT) declined immediate interim relief to Zee Entertainment Enterprises shareholder Mad Man Film Ventures in their bid to enforce the merger scheme between Sony and Zee. Mad Man sought to restrain Zee and Sony from acting against the NCLT s August 10, 2023 order sanctioning the merger.
In its fresh plea on Friday, Mad Men Film Ventures sought the Mumbai bench of NCLT's urgent intervention to restrain Sony Pictures India Networks from proceedings against the tribunal's order dated August 10 as the matter is scheduled for hearing on March 12.
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.