It added that Mr Gee is likely to refute Sony’s claims at the Singapore International Arbitration Centre. This includes Sony demanding a $90 million termination fee from Zee.
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Earlier this week, Sony withdrew its $10 billion merger plan, saying that despite “good faith discussions” with Gee, certain “termination conditions” of the merger were not met, and both companies agreed to extend the deal by January 21. He said he could not reach an agreement. deadline.
“After more than two years of negotiations, we are extremely disappointed…We remain committed to growing our presence in this vibrant and rapidly growing market,” it said in a statement.
Neither company explicitly stated which conditions of the merger would not be met, but there remained a stalemate over who would lead the combined company.
Gee had suggested the name of Punit Goenka, but Sony was concerned because he was the subject of a regulatory investigation in India.
Gee said in a statement that Gee’s managing director and CEO Punit Goenka “has agreed to resign in the interests of the merger.”
“Mr. Punit Goenka, MD and CEO of ZEEL, has agreed to resign in the interest of the merger and proposals in this regard, including appointment of directors of the merged company and protection against conduct of pending investigations, will be discussed. “This includes legal procedures that take into account the best interests of ZEEL’s directors and shareholders, and the accompanying amendments to the scheme.”
read: Gee plunges 30% in worst single-day decline after Sony cancels contract
According to the ToI report, Gee also has the option of filing a lawsuit against Sony in Indian courts.
After falling 30% on January 23, G’s stock rose over 2% on the BSE on Wednesday.