Zee Entertainment has filed an application with the National Company Law Tribunal (NCLT) to recall the order sanctioning its merger with Sony’s India media units, on August 9, according to the regulatory filing.
The August 10, 2023 order by NCLT sanctioned the merger scheme with Sony Group Corporation’s India media units, Culver Max Entertainment and Bangla Entertainment.
Further, on August 30, Zee withdrew its application and its rights to file claims/counterclaims before the arbitral tribunal constituted in the arbitration proceedings related to the merger cooperation agreement dated December 22, 2021.
On August 27, Zee and Sony announced that they had reached a comprehensive non-cash settlement, resolving all disputes related to the failed merger deal between the two companies.
As part of the settlement, the companies have mutually agreed to withdraw all respective claims against each other, in the ongoing arbitration at the Singapore International Arbitration Centre, and all related legal proceedings initiated in the NCLT and other forums.
The companies will also withdraw the respective Composite Schemes of Arrangement from the NCLT and inform the relevant regulatory authorities.
Under the terms of the settlement, none of the parties will have any outstanding or continuing obligations or liabilities to the other.
The settlement stems from a mutual understanding between the companies to independently pursue future growth opportunities with a renewed purpose and focus on the evolving media and entertainment landscape, signifying the definitive conclusion of all disputes.