ZEE withdraws from NCLT application to merge operations with Sony
The Hindu
ZEE Entertainment withdraws merger application with Sony, focuses on growth and shareholder value, amid arbitration proceedings.
ZEE Entertainment Enterprises Ltd on Tuesday said it has withdrawn its application, seeking implementation of the merger with Sony, filed before the National Company Law Tribunal Mumbai bench.
The company filed an application with the NCLT on January 24, 2024, seeking directions on the implementation of a composite scheme of arrangement between ZEE Entertainment Enterprises Ltd (ZEEL) and Sony group firms Culver Max Entertainment Pvt Ltd and Bangla Entertainment Pvt Ltd.
Earlier on January 22, Sony Group Corp called off a $10 billion merger of its India unit with ZEEL, following a stalemate over who will lead the merged entity. The deal was announced more than two years back. Sony had sought USD 90 million as break-up fees for violating the terms of the merger pact and invoked arbitration.
In a statement on Tuesday, ZEEL said the steps taken by it to withdraw the implementation application from NCLT are based on the legal advice received by the board.
"This decision will also enable the company to pursue growth and evaluate strategic opportunities to generate higher value for all shareholders. The Board remains committed to reviewing the strategic action-oriented steps taken by the management and providing timely guidance," it added.
The company further said, "This decision to withdraw the implementation application will enable the company to continue to aggressively pursue all its claims against Sony in the ongoing arbitration proceedings at the Singapore International Arbitration Centre (SIAC) and in other forums".
Sony has already withdrawn its merger application from the NCLT after filing arbitration before SIAC.
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