NEW DEVELOPMENT IN SONY-ZEE MERGER CASE

Zee Entertainment Limited on Tuesday announced that it has decided to withdraw the merger implementation application filed National Company Law Tribunal (NCLT), Mumbai bench against Culver Max Entertainment (Sony).

"The implementation application was filed by ZEE on 24th January 2024, seeking directions on the implementation of the Composite Scheme of Arrangement between ZEE, Culver Max Entertainment Pvt. Ltd. and Bangla Entertainment Pvt. Ltd.," it said in an exchange filing.

According to the company, the decision, which is based on legal advice, will allow it "to continue to aggressively pursue" all of its claims against Sony in the course of the ongoing arbitration proceedings at the Singapore International Arbitration Centre (SIAC) and in other forums.

Moreover, with the withdrawal, it aims to evaluate strategic opportunities in order to generate higher value for all shareholders.

"We have reviewed the key steps taken by the management over the last few months that are result-oriented, and we believe that the Company is well poised to chart a stronger growth trajectory. Hence, after seeking an independent legal opinion, the Board has advised the management of the Company to withdraw the implementation application filed before the Hon’ble NCLT," said R. Gopalan, Chairman, ZEE.

(More to come)