Zee, Sony Amicably Settle Disputes Over Failed Merger, To Withdraw Claims
NDTV
Both Zee and Sony had claimed a termination fee of USD 90 million (around Rs 748.7 crore) from each other for not complying with the Merger Cooperation Agreement (MCA) signed in December 2021.
Zee Entertainment Enterprises Ltd (ZEEL) and Sony Pictures Networks India on Tuesday said they have settled their six-month-long dispute related to the failed USD 10-billion merger and have agreed to withdraw all claims against each other.
As part of the "comprehensive non-cash settlement" between ZEEL and Culver Max Entertainment Pvt Ltd (CMEPL), both "have mutually agreed to withdraw all respective claims against each other, in the ongoing arbitration at the SIAC and all related legal proceedings initiated in the NCLT and other forums," said a joint statement.
"The companies will also withdraw the respective Composite Schemes of Arrangement from the NCLT and inform the relevant regulatory authorities," it said.
