Zee withdraws merger implementation application from NCLT for Sony deal
By MYBRANDBOOK
Zee Entertainment Enterprises is said to have withdrawn its application from the National Company Law Tribunal (NCLT) concerning the implementation of its merger with Sony Entertainment Enterprises. On January 24, 2024, the implementation application was filed by ZEE seeking guidelines on the implementation of the Composite Scheme of Arrangement between ZEE, Culver Max Entertainment and Bangla Entertainment.
to the company, the decision will allow ZEE to focus on its growth and evaluate strategic opportunities to generate higher value for all shareholders. "The Board remains committed towards reviewing the strategic action-oriented steps taken by the management and providing timely guidance. This decision to withdraw the implementation application will enable the Company to continue to aggressively pursue all its claims against Sony in the ongoing arbitration proceedings at the Singapore International Arbitration Centre (SIAC) and in other forums," the statement read.
According to the company, with the withdrawal of the decision the company will continue to pursue all its claims against Sony in the ongoing arbitration proceedings at the Singapore International Arbitration Centre (SIAC) and in other forums.
This decision has been taken by the Board after a detailed consultation with the legal experts.
“The immediate priority for the Company is to focus on performance and achieve its targeted goals for the future. We have reviewed the key steps taken by the management over the last few months that are result-oriented, and we believe that the Company is well poised to chart a stronger growth trajectory. Hence, after seeking an independent legal opinion, the Board has advised the management of the Company to withdraw the implementation application filed before the Hon’ble NCLT," said R. Gopalan, Chairman, ZEE.
Gopalan added, "The Board remains focused towards maximizing shareholder value, strengthening the Company’s claims in arbitration and enabling the Company to explore strategic opportunities.”
On August 10, 2023, NCLT approved the merger between Zee Entertainment and Sony Pictures Network India. In January 2024, the merger was called off due to disagreements over more than 20 compliance issues. The disagreement involved issues such as Zee's failure to dispose of certain Russian assets and its $1.4 billion cricket rights deal with Disney.
One of the major reasons the failed deal being derailed was the lack of consensus over who would head the merged entity. While ZEEL MD and CEO Punit Goenka earlier agreed upon as the candidate to be at the helm of the merged company, Sony reportedly sought a reconsideration after Goenka came under a SEBI probe.
Shares of Zee Entertainment Enterprises closed at Rs 147.70, up by 4.05%.
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