Zee affirms its commitment to the transaction and states that it was not informed of the Sony board meeting

Zee affirms its commitment to the transaction and states that it was not informed of the Sony board meeting

Zee affirms its commitment to the transaction and states that it was not informed of the Sony board meeting

The media firm went on to state that it is dedicated to the Sony merger and would keep working to see it through to completion.

On January 19, Zee Entertainment said that as these are internal affairs, the business is unaware of any planned or actual board meetings by Culver Max Entertainment Pvt Ltd (previously Sony Pictures Networks India Pvt Ltd) and is unable to comment on them. that of Sony.

The media business additionally said in an exchange filing that it is dedicated to the planned merger with Sony, that it is striving to make the merger work, and that it is having good faith discussions with Sony about the extension. (Merger) Date need for a fair amount of time in order to implement the plan.

Zee requested an extension of the deadline, which Sony granted, even though the agreement was originally scheduled to close on December 21, 2023. Reportedly, the merger deal inked in 2021 provided a 30-day extension period if requested by either party after the December 21 date.

Zee requested more time to discuss the crucial matter of whether Punit Goenka, the company's chief executive officer, would serve as the merged entity's CEO—a condition included in the agreement. At the time of the merger announcement, Sony supported Goenka's leadership, but once Goenka was the subject of a regulatory probe, they had second thoughts.

The Securities and Exchange Board of India (SEBI) accused Zee in June of last year of engaging in dishonest business practices by fabricating loan recovery claims in order to conceal private funding arrangements involving Zee Chairman Subhash Chandra. In an interim decision, the markets regulator said that Chandra and his son Goenka had embezzled money and exploited their positions. Goenka was thereby prohibited from serving in executive or director capacities in publicly traded corporations.

Sony regarded the continuing probe as a matter of corporate governance, according to the article, even though Goenka received relief from the appeal body about the SEBI ruling.

On August 10, 2023, the National Company Law Tribunal (NCLT) approved Zee and Sony's merger.