New Delhi: In recent events, arbitrator in singapore reportedly agreed to let g entertainment Please contact the National Company Law Court (NCLT) Execute $10 billion merger and Sony‘s Indian arm was scrapped by a Japanese company.
According to Reuters, the emergency arbitrator rejected Sony’s application for emergency interim relief, saying he had no jurisdiction or authority to prevent Gee from approaching the court.
Earlier, Zee Entertainment had asked NCLT Mumbai to order Sony to complete the $10 billion merger that the Japanese giant scrapped after more than two years of negotiations.
Punit Goenka’s Zee Entertainment has also challenged Sony’s claims to the Singapore International Arbitration Center that it breached its obligations under the merger agreement. Sony had filed suit in a Singapore court seeking a $90 million termination fee for Gee’s failure to fulfill the terms of the merger.
Zee founder Subhash Chandra accused market regulators of trying to block the merger. In a letter to Finance Minister Nirmala Sitharaman six days before Sony called off the merger, Chandra wrote: A notice issued by the regulator to former directors in time for the merger deadline has raised concerns. ”
Chandra also pointed out that the notification does not even contain anything new. “I am not saying that if Sebi has any suspicions it should not investigate…Issuing a notice at this stage seems to be an act to sensationalize the issue. ” Chandra further added, “If the mentioned parties, especially Sebi, continue to influence the investigation, it will lead to huge financial losses for the minority shareholders of the company.”
According to Reuters, the emergency arbitrator rejected Sony’s application for emergency interim relief, saying he had no jurisdiction or authority to prevent Gee from approaching the court.
Earlier, Zee Entertainment had asked NCLT Mumbai to order Sony to complete the $10 billion merger that the Japanese giant scrapped after more than two years of negotiations.
Punit Goenka’s Zee Entertainment has also challenged Sony’s claims to the Singapore International Arbitration Center that it breached its obligations under the merger agreement. Sony had filed suit in a Singapore court seeking a $90 million termination fee for Gee’s failure to fulfill the terms of the merger.
Zee founder Subhash Chandra accused market regulators of trying to block the merger. In a letter to Finance Minister Nirmala Sitharaman six days before Sony called off the merger, Chandra wrote: A notice issued by the regulator to former directors in time for the merger deadline has raised concerns. ”
Chandra also pointed out that the notification does not even contain anything new. “I am not saying that if Sebi has any suspicions it should not investigate…Issuing a notice at this stage seems to be an act to sensationalize the issue. ” Chandra further added, “If the mentioned parties, especially Sebi, continue to influence the investigation, it will lead to huge financial losses for the minority shareholders of the company.”
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