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Zee-Sony Merger Case: NCLAT refuses to stay merger, next hearing on January 8

Livemint

Livemint · 1y ago

Zee-Sony Merger Case: NCLAT refuses to stay merger, next hearing on January 8

The National Company Law Appellate Tribunal (NCLAT) has refused to stay the merger between Zee Entertainment Enterprises Limited (ZEEL) and Culver Max Entertainment, formerly known as Sony Pictures India. Axis Finance and IDBI Bank have challenged the merger and the next hearing is scheduled for January 8, 2024. This news comes after the NCLAT had adjourned the hearing on December 6 due to lack of time. The merger has also been delayed due to a disagreement over leadership arrangements between Sony and ZEEL.

Related News

NCLAT reserves order on IDBI, Axis Bank pleas against Zee-Sony merger

Livemint

Livemint · 1y ago

NCLAT reserves order on IDBI, Axis Bank pleas against Zee-Sony merger

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.

Singapore arbitrator quashes Sony's request to stop Zee approaching NCLT

Livemint

Livemint · 1y ago

Singapore arbitrator quashes Sony's request to stop Zee approaching NCLT

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.

Zee withdraws Sony merger application with national company tribunal

VCCircle

VCCircle · 1y ago

Zee withdraws Sony merger application with national company tribunal

Zee Entertainment Enterprises has withdrawn its application to force Sony to merge its India unit with the company.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.

Zee-Sony merger fallout: Zee can go to India tribunal to enforce merger deal

Livemint

Livemint · 1y ago

Zee-Sony merger fallout: Zee can go to India tribunal to enforce merger deal

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.

Zee-Sony merger: NCLT recalls approval of $10 billion deal after both parties agree to terminate scheme, settle claims | Mint

Livemint

Livemint · 11m ago

Zee-Sony merger: NCLT recalls approval of $10 billion deal after both parties agree to terminate scheme, settle claims | Mint

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.

ZEE seeks $90M termination fee from Sony for calling off merger

YourStory

YourStory · 1y ago

ZEE seeks $90M termination fee from Sony for calling off merger

Zee Entertainment Enterprises is seeking a termination fee of $90 million from Sony Group for cancelling their $10 billion merger deal. ZEEL has terminated the Merger Cooperation Agreement due to breaches by Sony Pictures Networks India (Culver Max Entertainment) and Bangla Entertainment. ZEE is now seeking the termination fee from Culver Max and BEPL in accordance with the agreement. Sony had previously initiated arbitration proceedings claiming the same termination fee. The merger between ZEEL and Sony Group entities had been approved by the Mumbai bench of NCLT but was terminated by Sony in January 2024.

Zee gears up for legal battle against Sony

Livemint

Livemint · 1y ago

Zee gears up for legal battle against Sony

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.

Sony challenges Zee Entertainment's plea on merger enforcement

Livemint

Livemint · 1y ago

Sony challenges Zee Entertainment's plea on merger enforcement

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.

NCLAT halts insolvency proceedings against Essar’s oil & gas subsidiary | Mint

Livemint

Livemint · 11m ago

NCLAT halts insolvency proceedings against Essar’s oil & gas subsidiary | Mint

The National Company Law Appellate Tribunal (NCLAT) has put a stay on the insolvency proceedings against Essar Oil and Gas Exploration and Production Ltd., a subsidiary of Essar Group. This came after Greka Green Solutions (India) Ltd filed a petition claiming an unpaid amount of ₹24.38 crore. The NCLAT stayed the order of the NCLT's Ahmedabad bench and issued a notice to Greka Green. The case is set for the next hearing on 6 November. The NCLAT took into account the argument that a settlement agreement had been made prior to the insolvency petition.

Zee-Sony deal: Zee withdraws merger implementation application from NCLT

Livemint

Livemint · 1y ago

Zee-Sony deal: Zee withdraws merger implementation application from NCLT

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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