NCLT asks Zee to submit response to Sony's application within a two-week window

According to reports, the legal representative for Zee contended that if the maintainability applications are addressed on March 12, Zee would face challenges in filing timely responses.

By  Storyboard18Mar 1, 2024 7:16 PM
NCLT asks Zee to submit response to Sony's application within a two-week window
On January 22, Sony terminated the proposed $10 billion merger with Zee first announced in December 2021, citing Zee's failure to fulfil certain financial terms (Image source: Moneycontrol)

The National Company Law Tribunal's (NCLT) Mumbai bench has reportedly asked Zee Entertainment Enterprises to submit its response to applications lodged by Sony Group entities within a fortnight.

Culver Max Entertainment and Bangla Entertainment, units of the Sony Group, have submitted two applications disputing the validity of Zee Entertainment's request for the execution of the merger scheme.

On January 22, Sony terminated the proposed $10 billion merger with Zee first announced in December 2021, citing Zee's failure to fulfil certain financial terms outlined in the deal and provide a viable plan to rectify the situation, as reported by Reuters.

In response, Zee refuted the allegations in a letter addressed to Sony, and accused the Japanese conglomerate of acting in ‘bad faith’ by calling off the merger.

According to reports, the legal representative for Zee contended that if the maintainability applications are addressed on March 12, Zee would face challenges in filing timely responses, particularly if Sony insists on submitting rejoinders before the mentioned date.

On February 6, NCLT had issued a notice to Culver Max (formerly Sony Pictures Networks) in response to an application filed by Zee Entertainment Enterprises. NCLT has granted a hearing to the plea of Mad Men Film, a Zee Entertainment Enterprises Limited shareholder seeking the execution of the terminated merger.


Tags
First Published on Mar 1, 2024 7:16 PM

More from Storyboard18

Quantum Brief

Zee-Sony merger: NCLAT to hear challenges to the merger on May 17

Zee-Sony merger: NCLAT to hear challenges to the merger on May 17

Brand Makers

Diageo India’s Shweta Jain quits; Jain was the chief business development officer

Diageo India’s Shweta Jain quits; Jain was the chief business development officer

Quantum Brief

Calcutta HC grants Emami interim relief in Fair & Handsome trademark infringement case against HUL

Calcutta HC grants Emami interim relief in Fair & Handsome trademark infringement case against HUL

Quantum Brief

Tata Play Binge expands offerings by onboarding DistroTV 

Tata Play Binge expands offerings by onboarding DistroTV 

Quantum Brief

Congress vows to curb government censorship powers on media: Rahul Gandhi

Congress vows to curb government censorship powers on media: Rahul Gandhi

Quantum Brief

JPMorgan Chase launches new digital media business

JPMorgan Chase launches new digital media business

Quantum Brief

Paytm's Vijay Shekhar Sharma backed Pai Platforms launches 'PaiPai' ONDC app

Paytm's Vijay Shekhar Sharma backed Pai Platforms launches 'PaiPai' ONDC app

Quantum Brief

Government considers new AI legislation to safeguard news publishers' rights

Government considers new AI legislation to safeguard news publishers' rights