Mumbai, Jan 30 (IANS) Shares of Zee Entertainment (NS:) soared over 5 per cent on Tuesday following reports of an emergency arbitration hearing on its merger with Sony Group in Singapore. Zee shares closed at Rs 170.90, up $5.75. BSE market was very weak on Tuesday.
According to an earlier communication, Zee Entertainment has initiated legal action to challenge the claims of Culver Max (formerly Sony Pictures Network India) and BEPL in the arbitration proceedings at the Singapore International Arbitration Center (SIAC). Announced.
Mr. Ji also approached the National Company Law Tribunal, Mumbai Bench, seeking directions regarding implementation of the merger plan, among other things.
The Company issued a reply to Culver Max and BEPL specifically denying any breach of its obligations under the MCA and reiterated that the Company has faithfully complied with all its obligations.
The company denied that Culver Max and BEPL had the right to terminate the MCA and that the request for termination fees was not legally permissible and had no basis.
The company alleged that Culver Max and BEPL had failed in their duty to give effect to and implement the scheme as approved by the National Company Law Tribunal.
The company called on Culver Max and BEPL to immediately reverse the layoffs and confirm that they fulfill their obligations to bring into force and implement the merger plan approved by the National Company Law Tribunal. We reserve all rights in this regard.
–IANS
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