Zee-Sony merger: Sony 'disappointed' with SIAC decision
Zee will now push for the enforcement of the $10 billion merger to go through with Sony’s Indian unit via a Indian tribunal.
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Sony is ‘disappointed’ by the decision of the Singapore International Arbitration Centre (SIAC) after the emergency petition over the collapsed Zee-Sony merger.
"This decision is only a procedural one, ruling only as to whether Zee Entertainment would be permitted to pursue its application with the NCLT. We will continue to vigorously arbitrate the matter in Singapore in front of a full SIAC tribunal and pursue SPNI’s right to terminate the merger agreement and seek a termination fee and other remedies. We remain confident in the merits of our position in both Singapore and India,” Sony said in a statement.
Zee will now push for the enforcement of the $10 billion merger to go through with Sony’s Indian unit via a Indian tribunal.
The merger was terminated by Sony citing breach of contact by Zee. If gone through, the merged entity could have created one of India's largest TV broadcasters, a $10 billion dollar media powerhouse. Zee denies any allegations and will now force Sony to see the merger through.
According to legal experts, Zee has also requested NCLT to appoint a committee consisting of two directors each from Zee and Sony companies to oversee the execution of the composite scheme of arrangement.
