The Sony group, or Culver Max Entertainment Pvt Ltd, has reportedly expressed disappointment after the Singapore International Arbitration Centre denied its petition to restrain Zee Entertainment Enterprises Ltd from approaching NCLT to enforce the merger that was called off.
Announcing the withdrawal of the merger, Sony had earlier sought USD 90 million as termination fee from Zee for breach of conditions and initiated arbitration.
Zee then initiated legal action to contest Sony’s claims. The National Company Law Tribunal last week accepted a petition by a Zee Entertainment shareholder seeking the merger of its Indian entity with Sony. The NCLT had also reportedly issued a notice on a petition moved by Mad Men Film Ventures, a shareholder of Zee Entertainment Enterprises (ZEEL), directing Sony Pictures Network India, now known as Culver Max, to file a reply within three weeks.
“We are disappointed in the decision by the Singapore International Arbitration Centre (SIAC). This decision is only a procedural one, ruling only as to whether Zee Entertainment would be permitted to pursue its application with the NCLT,” Sony said in a statement on Monday, according to Exchange4media.
“We will continue to vigorously arbitrate the matter in Singapore in front of a full SIAC tribunal and pursue SPNI’s right to terminate the merger agreement and seek a termination fee and other remedies. We remain confident in the merits of our position in both Singapore and India,” it said.
This report was published with AI assistance.
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