New Delhi, Feb 5: Sony on Monday said it was “disappointed” by the Singapore court’s emergency arbitrator’s decision to dismiss Zee’s appeal to prevent him from approaching the NCLT, and the international tribunal. He insisted that he would “vigorously arbitrate” the issue.
An emergency arbitrator at the Singapore International Arbitration Center (SIAC) has dismissed the petition of Culver Max and BEPL (Bangla Entertainment Private Limited) to force Zee Entertainment Enterprises Limited (ZEEL) to merge. It sought an injunction restraining it from approaching the Corporate Disputes Tribunal or the NCLT. It was canceled by the Indian arm of a Japanese media company.
SIAC rejected the complaint on Sunday, citing lack of jurisdiction.
Sony Pictures Entertainment said in a statement on Monday that the company remains confident in the significance of this transaction and that Sony Pictures Network India (now Culver Max) has terminated the merger agreement and that ZE Entertainment Enterprises (ZEEL) has terminated the merger agreement. ) stated that it would pursue its right to seek compensation for damages.
“We are disappointed with the Singapore International Arbitration Center (SIAC) decision. This decision is purely procedural and will only determine whether Zee Entertainment will be allowed to proceed with its application to the NCLT. ” he said.
“We will continue to vigorously arbitrate this matter before the SIAC tribunal in Singapore and pursue SPNI’s right to terminate the merger agreement and seek termination fees and other relief.” We remain confident in the merits of our positions in both Singapore and India. ”
Sony Pictures Networks India (SPNI) is a subsidiary of Sony Corporation, which owns and operates the Sony Entertainment network of television channels. It also owns Sony Pictures Network India.
“The Emergency Arbitrator has passed an award dated February 4, 2024 denying the application for emergency interim relief filed by Culver Max and BEPL, and that the Emergency Arbitrator has jurisdiction to prevent access to proceedings against the Company. We would like to inform you that we have determined that we do not have the authority to do so.” These are within the statutory regime and are to be decided by the NCLT, so the NCLT is required to implement the merger scheme,” ZEEL said in a statement to the regulator on Sunday. He stated this while updating the development status in a submission to .
Last month, Sony terminated its deal with ZEEL to merge its two Indian entities, Culver Max Entertainment (formerly known as Sony Pictures Network India) and BEPL, with the Indian media company. was.
Sony Group Corp. (SGC) said ZEEL did not meet the merger conditions and also initiated arbitration proceedings before SIAC demanded a termination fee of $90 million (approximately Rs. 748.5 million).
Meanwhile, ZEEL has filed a petition with the National Company Law Tribunal (NCLT) seeking direction from the Sony Group to realize the merger.
ZEEL also filed a lawsuit challenging a $90 million claim filed by Sony Group with SIAC.
The Mumbai Bench of NCLT on August 10, 2023 approved the planned merger of ZEEL and Sony group companies Culver Max Entertainment and BEPL, which could create a potentially $10 billion media entity. Ta.
If the Sony-Zee merger is completed, the combined company will own over 70 TV channels, two video streaming services (ZEE5 and Sony LIV) and two film studios (Zee Studios and Sony Pictures Films India). , will be India’s largest entertainment network. Country. (PTI)