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Zee's tiff with Sony started soon after Sebi in June said that Goenka and his father, Chandra, had “abused their position” and siphoned off funds “for their own benefit.”
Punit Goenka and the family collectively decided he should step aside, and the merger should proceed because it was beneficial for Zee. This decision was communicated to Sony. It wasn t acceptable to Sony. I believe this was Sony s strategy all along: To engage with Zee and eventually withdraw, portraying Zee as vulnerable. I intend to convey this perspective to the Zee board as well, says Subhash Chandra, chairman emeritus of Zee Entertainment Enterprises. ....
Japan s Sony terminated a $10 billion merger deal with the Indian broadcaster last week after two years of negotiations, seeking $90 million in termination fees from Zee for alleged breaches of the terms of the agreement, which Zee has denied. ....
Disney Star had recently sent an intimation to Zee to honour the ICC TV deal and is now contemplating legal action against Zee, one of the sources said. If Disney Star decides to take the legal route, it will be another setback for Zee that is already locked in a legal battle with Sony which terminated their merger deal on January 22. ....