Zee shareholders seek transparency on merger fallout with Sony
The shareholders have urged the company to make Sony's termination letter public.
ADVERTISEMENT
A group of Zee Entertainment Enterprises Limited's public shareholders, including foreign portfolio investors (FPI), mutual funds, and retail investors, has reportedly written to the company, seeking transparency regarding the events leading to the termination of the merger with Sony Pictures Network. The letter was addressed to R Gopalan, chairman of board.
The shareholders have urged the company to make Sony's termination letter public. They have all questioned Zee about not coming clean with actual negotiations that went on with Sony for the $10 billion merger that was first announced in December 2021.
On January 22 in a word meeting R Gopalan had addressed the merger fallout and said, “The Board of Directors has taken note of Sony’s letters purporting to terminate the Merger Co-operation Agreement, on the Company’s proposed merger with and into Culver Max Entertainment Pvt. Ltd, invoking arbitration and seeking interim reliefs. We are evaluating the next steps and considering the appropriate course of action. The Board has noted that the Company took all the required steps in the course of its integration journey over the last two years, to ensure that the scheme is implemented at the earliest.”
