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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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SEBI finds ₹2000 cr accounting issue at Zee Entertainment Enterprises: Reports
Livemint
·
1y ago
Medial
India's market regulator, SEBI, has discovered a financial discrepancy of over $240 million in Zee Entertainment Enterprises' accounts. This comes as another setback for the media company, following the collapse of its merger with Sony Group Corp's India unit. SEBI's investigation revealed that around $241 million may have been redirected from the company, significantly more than initially estimated. Zee Entertainment's CEO, Punit Goenka, is facing challenges in reassuring investors after the failed merger, and the company is reportedly considering reviving the merger with Sony.
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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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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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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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Singapore arbitrator quashes Sony's request to stop Zee approaching NCLT
Livemint
·
1y ago
Medial
The Singapore International Arbitration Centre has denied Sony's request to halt Zee Entertainment from approaching an Indian corporate court regarding their scrapped $10 billion merger. Sony and Zee called off their merger last month, with Sony accusing Zee of failing to meet merger agreement conditions. The emergency arbitrator in Singapore has allowed Zee to press its case against Sony's Indian units. Zee is seeking implementation of the merger plan, while Sony attempted to block it through emergency arbitration. Zee's shares have dropped 37% this year due to the failed merger.
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Zee plunges 30% as investors, analysts bail after failed Sony merger
VCCircle
·
1y ago
Medial
Zee Entertainment's shares plummeted by 30% as investors and analysts abandoned ship following the company's failed $10 billion merger with Sony's local unit. Concerns about Zee's survival in the competitive broadcasting industry grew as the merger could have helped them compete against Disney, Reliance, Netflix, and Amazon. Zee has already experienced declines in profit, advertising revenues, and cash reserves, leading to uncertainty about its future. Analysts predict further challenges for Zee and a potential loss of its No.2 position in the TV business.
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NCLT issues notice to Sony on ZEEL's plea on enforcing merger
Thehindubusinessline
·
1y ago
Medial
The National Company Law Tribunal (NCLT) has issued a notice to Culver Max (formerly Sony Pictures Network India) in response to a plea from Zee Entertainment Enterprises (ZEEL) regarding the merger between the two media companies. The tribunal has directed Sony to reply to ZEEL's petition within two weeks, and the matter will be heard on March 12. ZEEL's counsel argues that since the NCLT has already approved the merger, it has jurisdiction to address petitions related to its implementation.
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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-Sony merger teeters on the brink of collapse
Livemint
·
1y ago
Medial
The $10 billion merger between Sony Pictures’ India business and Zee Entertainment Enterprises is at risk of collapsing as Sony refuses to extend the deadline unless Zee CEO, Punit Goenka, agrees not to hold the same position in the merged company. The merger, which would create an entertainment giant with over 28% market share, has faced delays and controversies over the appointment of a CEO. Zee had requested more time to complete the merger, but Sony is firm on its decision. If the deal falls through, it could have negative implications for the shareholders and control of Zee.
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ZEE Entertainment shareholders approve plan to raise Rs 2,000 Cr
YourStory
·
1y ago
Medial
Zee Entertainment shareholders have approved a plan to raise Rs 2,000 crore through equity shares and qualified institutions placements. The resolution was passed by 78.83% of the total polled votes. The funds will be raised through a private placement, qualified institutional placement, preferential issue, or a combination of these methods. While the company has not disclosed how the funds will be invested, analysts believe it will likely be used for business expansion. This is Zee Entertainment's first fundraising round following the termination of a merger deal with Sony Corporation.
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