Zee claims that bringing an India tribunal to uphold the Sony merger agreement is free

Zee claims that bringing an India tribunal to uphold the Sony merger agreement is free

Zee claims that bringing an India tribunal to uphold the Sony merger agreement is free

Following the rejection of the Japanese company's emergency plea to suspend proceedings by a Singapore arbitration center, Z Entertainment (ZEE.NS), opens new tab, is scheduled to settle a $10 billion settlement with Sony's Indian business from an Indian tribunal, Zed said on Sunday. able to request a merger.

Z Entertainment (ZEE.NS), which launches a new tab, said on Sunday that an Indian tribunal had reached a settlement with Sony's Indian division subsequent to the Japanese company's urgent request for a stay of proceedings being denied by a Singapore arbitration center. It could be requested to combine 10 billion. ,

Launch a new tab Zee Entertainment (ZEE.NS) may request that an Indian tribunal halt its proposed $10 billion merger with Sony's Indian division after a request for a suspension of proceedings from a Singaporean arbitration center. Zee said on Sunday that the Japanese company's emergency plea was denied.

On January 22, Sony 6758.T pulled off the merger, citing violation of contract. This put a stop to a venture that had the potential to become one of the biggest TV broadcasters in India. Zee denied the allegations and requested an Indian tribunal to compel Sony to carry out its responsibilities. amalgamation.

Zee said in a filing to Indian stock markets that the transaction will be pending in India's National Company Law Tribunal, despite the Singapore International Arbitration Center (SIAC) asserting that it lacks jurisdiction and authority to prevent Zee from contacting an Indian tribunal. falls under the purview.

Sony expressed its disappointment with the ruling in a statement, but clarified that it was merely a procedural ruling that determined Zee's ability to pursue its application with the Company Law Tribunal and Sony India's (SPNI) right for terminating the merger agreement as well as demand termination fees and other remedies."

"We continue to believe that our positions in Singapore and India are merited."

After two years of planning, the Zee-Sony merger would have produced an Indian TV behemoth with over 90 channels covering news, sports, and entertainment that would have challenged companies like Walt Disney (DIS.N), opens a new tab and Reliance (RELI.NS), owned by billionaire Mukesh Ambani

As That Reuters reported last week, Sony also highlighted controversies over noncompliance in terminating the merger, including the Indian media company's purported inability to fulfill some financial aspects of the agreement, the sale of certain Russian assets, and its $1.4 billion Disney Cricket rights purchase.