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Zee withdraws Sony merger application with national company tribunal
VCCircle
·
1y ago
Medial
Zee Entertainment Enterprises has withdrawn its application to force Sony to merge its India unit with the company. The move allows Zee to focus on pursuing its claims against Sony through ongoing arbitration proceedings at the Singapore International Arbitration Center. Sony cancelled the $10bn merger in January due to Zee failing to meet certain financial terms and provide a plan to address them.
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Zee-Sony deal: Zee withdraws merger implementation application from NCLT
Livemint
·
1y ago
Medial
Zee Entertainment has withdrawn its application from the National Company Law Tribunal regarding the implementation of its merger with Sony Entertainment Enterprises. Zee initially sought directions from the tribunal after Sony terminated the merger. Zee is now reviewing strategic steps and pursuing claims against Sony in ongoing arbitration proceedings. The company aims to focus on performance, achieve future goals, and explore strategic opportunities. Zee has recently undertaken restructuring efforts, including cost reduction and improving margins. Several senior-level executive exits have also occurred.
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Zee withdraws merger application against Sony at NCLT
Thehindubusinessline
·
1y ago
Medial
Zee has decided to withdraw its merger implementation application against Sony, which was filed with the National Company Law Tribunal (NCLT). The company received advice from legal experts and decided to withdraw the application, allowing them to focus on growth and strategic opportunities. Zee will continue its arbitration against Sony at the Singapore International Arbitration Centre (SIAC) to claim damages. The board remains committed to maximizing shareholder value and exploring strategic opportunities for the company.
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NCLAT reserves order on IDBI, Axis Bank pleas against Zee-Sony merger
Livemint
·
1y ago
Medial
The National Company Law Appellate Tribunal (NCLAT) is considering pleas filed by IDBI Bank and Axis Bank challenging the Zee-Sony merger, which has been called off. The banks are urging NCLAT to defer the case until the National Company Law Tribunal (NCLT) decides on Zee's plea to enforce the merger. However, Zee argues that the pendency of the plea in NCLT should not affect the current case. The merger was called off due to disagreements over the leadership of the merged entity. Sony has initiated emergency arbitration proceedings against Zee.
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‘Factually incorrect’: Zee Ent denies reports on reviving Sony-Zee merger talks
Livemint
·
1y ago
Medial
Zee Entertainment has denied reports of restarting talks with Sony to revive their $10 billion merger deal. In a regulatory filing, Zee stated that the company is not involved in any negotiations on the merger deal, calling the reports "factually incorrect". The merger deal was terminated by Sony due to unresolved conditions and leadership disputes. Zee has filed a petition with the National Company Law Tribunal seeking implementation of the merger. If the merger was completed, it would have created the largest entertainment network in India.
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ED conducts search at Essel Group Continental Office in Mumbai
Livemint
·
1y ago
Medial
The Enforcement Directorate (ED) conducted a search at the Essel Group Continental Office in Mumbai. This comes as market regulator SEBI is already investigating Zee Entertainment and Essel group companies. The search has reportedly been ongoing since the afternoon. In related news, Zee Entertainment has approached the National Company Law Tribunal (NCLT) after Sony called off the proposed merger. Zee Entertainment has also taken legal action against Sony's $90 million termination fee claim. Sony terminated the merger deal with Zee two days ago.
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Zee-Sony merger: NCLT recalls approval of $10 billion deal after both parties agree to terminate scheme, settle claims | Mint
Livemint
·
10m ago
Medial
The National Company Law Tribunal (NCLT) in Mumbai has revoked its earlier approval of the $10 billion merger between Zee Entertainment (Zee) and Sony Pictures Networks India (Sony Pictures). The parties reached a settlement agreement and mutually consented to withdraw the merger scheme. Both Zee and Sony resolved their six-month dispute and agreed to drop all claims against each other in ongoing arbitration and legal proceedings. The termination fee of $90 million that was originally sought by each party will not be paid. The merger had been called off in January 2024 due to certain "closing conditions" not being met by Zee.
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Zee gears up for legal battle against Sony
Livemint
·
1y ago
Medial
Zee Entertainment Enterprises has filed a case against Culver Max Entertainment (formerly Sony Pictures Networks India) at the National Company Law Tribunal. Zee is seeking directions to implement their merger and contesting Culver Max’s claims in arbitration proceedings before the Singapore International Arbitration Centre. The merger between the two media companies fell through when Sony accused Zee of breaching the terms of their agreement. Zee denies any breach and believes Culver Max is not entitled to terminate the agreement. The merger had received all necessary regulatory approvals but faced resistance from lenders.
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Sony challenges Zee Entertainment's plea on merger enforcement
Livemint
·
1y ago
Medial
Sony has challenged the maintainability of Zee Entertainment's plea regarding the merger enforcement. The National Company Law Tribunal (NCLT) is set to hear Sony's plea and other applications relating to the Sony-Zee merger case on March 12th. This development comes as Livemint emerges as the fastest growing news website globally. Visit Livemint for a range of benefits, including newsletters, real-time stock tracking, breaking news, and personalized newsfeed with just a click away.
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Zee approaches NCLT, SIAC after Sony terminates $10 billion merger deal
Livemint
·
1y ago
Medial
Zee Entertainment has approached the National Company Law Tribunal (NCLT) and the Singapore International Arbitration Centre (SIAC) after Sony terminated the $10 billion merger deal. The move comes after Sony invoked the force majeure clause due to the impact of the COVID-19 pandemic. Zee is seeking compensation for the damages caused by the termination of the deal.
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Zee-Sony merger fallout: Zee can go to India tribunal to enforce merger deal
Livemint
·
1y ago
Medial
Zee Entertainment is now free to pursue the enforcement of a $10 billion merger deal with Sony's Indian unit through an Indian tribunal, after Sony's emergency petition to halt the merger was rejected by the Singapore International Arbitration Centre (SIAC). Sony had terminated the merger deal on January 22, alleging breaches of contract. Zee is now seeking an order from the Indian tribunal to compel Sony to fulfill its obligations. The proposed merger aimed to create one of India's largest TV broadcasters. Sony plans to contest the matter before a full SIAC tribunal.
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