Zee Entertainment moves NCLT against Sony for calling off Merger

Zee Entertainment on Wednesday said it has approached the National Company Law Tribunal against Sony’s decision to call off the proposed merger. Besides, it has also initiated appropriate legal action to contest Sony’s claims of USD 90 million (around Rs 748.5 cr) as a termination fee, for which the Japanese firm has moved the Singapore International Arbitration Centre (SIAC). In a regulatory filing, Zee Entertainment Ltd (ZEEL) said it has asked Culver Max and Bangla Entertainment PVT Ltd (BEPL) to immediately withdraw the termination and confirm that they will perform their obligations to give effect to and implement the merger scheme, sanctioned by the National Company Law Tribunal (NCLT). The company has approached the Mumbai bench of NCLT, seeking directions to implement the merger scheme, it added. Further, the company has initiated appropriate legal action to contest Culver Max and BEPL’s claims in the arbitration proceedings before the SIAC, the filing said.