Zee seeks to revoke NCLT order with new application

Zee Entertainment Enterprises has submitted a request to the National Company Law Tribunal (NCLT) to revoke the tribunal's August 10, 2023, approval of the merger with Sony Group Corporation’s Indian media subsidiaries, Culver Max Entertainment and Bangla Entertainment. This application was filed with the Mumbai branch of the NCLT on August 29, as detailed in Zee’s regulatory filing. On August 30, Zee withdrew the application and forfeited its rights to submit claims or counterclaims in the ongoing arbitration concerning the merger cooperation agreement dated December 22, 2021.

Culver Max and Bangla Entertainment initiated the arbitration through the Singapore International Arbitration Centre (SIAC).  Sony-owned companies' claim for a USD 90 million termination fee due to the merger not being finalized was opposede by Zee.

Zee and Sony revealed that they had reached a comprehensive, non-cash settlement, finding out solution to all disputes surrounding the failed merger. Both the companies confirmed that they had agreed to withdraw all claims in the ongoing SIAC arbitration and other related legal proceedings in the NCLT and other courts in a combined statement.

The companies stated that the settlement was based on a mutual decision to independently explore future growth opportunities with renewed focus on the evolving media and entertainment industry, marking a definitive end to all disputes.