Zee Entertainment Enterprises has approached the National Company Law Tribunal, seeking to withdraw its August 10, 2023 order which sanctioned the scheme of merger with regard to Indian media units of Sony Group Corporation, Culver Max Entertainment, and Bangla Entertainment. In a regulatory filing, Zee said it filed an application before the Mumbai bench of the NCLT on August 29, 2024.
Thereafter, Zee withdrew its application on August 30 and waived its rights to file claims or counterclaims before the arbitral tribunal in the arbitration proceedings in relation to the merger cooperation agreement dated December 22, 2021.
Culver Max and Bangla Entertainment had initiated these proceedings before the SIAC, wherein Zee challenged the termination fee of $90 million claimed by Sony’s owned companies for the alleged non-fulfillment of the merger scheme.
“Accordingly, the scheme cannot be made effective in terms thereof,” Zee informed National Stock Exchange of India.
On 27 August, the companies announced that they reached a broad non-cash settlement to amicably resolve all disputes that had emerged from the failed merger deal between the companies. They said in a joint statement that they have “agreed to withdraw all claims filed by them at the ongoing SIAC arbitration and related legal actions initiated by each other at NCLT and other fora.”.
