An emergency arbitration hearing on the G-Sony merger will be held tomorrow at the Singapore International Arbitration Center (SIAC), it was reported after the agreement was called off last week. Sony Group Ltd., the Japanese parent company of Sony Picture Network India (SPNI) and Bangla Entertainment Pvt Ltd (BEPL), is seeking compensation of $90 million for his $10 billion deal with ZEEL for breach of terms. announced the cancellation of the dollar contract.
Mr. Gee filed a lawsuit challenging Sony’s claim for $90 million in termination fees that Sony filed with the Singapore International Arbitration Center (SIAC). This comes in the wake of Zee’s stock plummeting in the market. On January 23rd, Gee recorded his biggest single-day drop of 30.50%, INR152.50, but the stock price partially recovered the next day and settled at 152.50. INR166.35 per piece on BSE.
Why was the merger canceled?
Sony said ZEEL did not meet the merger conditions, despite discussions to extend the closing date.
ZEEL MD & CEO Punit Goenka said at the town hall meeting. We must shape ourselves to be in a good position to take advantage of the opportunities that come our way. We have been a leader for the past 30 years, delivering value to our stakeholders year after year. ”