NCLT approves recall of Zee-Sony merger order, allowing ZEEL to withdraw the scheme

Zee Entertainment withdraws merger with Culver Max and BEPL

By  Storyboard18Sep 12, 2024 10:18 PM
NCLT approves recall of Zee-Sony merger order, allowing ZEEL to withdraw the scheme
On April 16, ZEEL had said that it has decided to withdraw the merger implementation application filed before the NCLT, Mumbai bench against Sony.

Zee Entertainment Enterprises Ltd. (ZEEL) has officially withdrawn its composite scheme of arrangement with Culver Max Entertainment and Bangla Entertainment Private Limited (BEPL), following a settlement. The National Company Law Tribunal (NCLT) approved the withdrawal. The decision follows a settlement between the parties involved.

The NCLT passed an order inter alia allowing the withdrawal of the Scheme and recall the sanctioned order dated August 10, 2023 passed by the NCLT in respect of the Scheme.

In August 2024, Zee and Sony announced that they have arrived at a comprehensive non-cash settlement, amicably resolving all disputes related to the Merger Co-operation Agreement and the Composite Scheme of Arrangement.

In its filing with stock exchanges, ZEEL explained that the merger, initially sanctioned in August 2023, has now been terminated due to mutual consent.

As part of the settlement, the companies have mutually agreed to withdraw all respective claims against each other, in the ongoing arbitration at the Singapore International Arbitration Centre, and all related legal proceedings initiated in the NCLT and other forums.

The NCLT, Mumbai, approved the recall of the merger order on 5th September 2024, allowing Zee to withdraw the scheme.


Tags
First Published on Sep 12, 2024 10:16 PM

More from Storyboard18

Digital

Netflix and Spotify discuss partnership on live music content

Netflix and Spotify discuss partnership on live music content

Digital

PVR INOX to add 200 screens in two years with Rs 400 crore investment: Sanjeev Kumar Bijli

PVR INOX to add 200 screens in two years with Rs 400 crore investment: Sanjeev Kumar Bijli

OTT

India Tour of England: Delhi HC grants 'Dynamic+' Injunction to JioStar to combat piracy

India Tour of England: Delhi HC grants 'Dynamic+' Injunction to JioStar to combat piracy

Television

Proxy advisors urge shareholders to block Zee promoters’ Rs 2,237 cr stake hike

Proxy advisors urge shareholders to block Zee promoters’ Rs 2,237 cr stake hike

Television

Govt may exclude social media from Broadcasting Bill, stirring industry debate

Govt may exclude social media from Broadcasting Bill, stirring industry debate

OTT

Prime Video launches NFDC – Cinemas of India as an add-on subscription

Prime Video launches NFDC – Cinemas of India as an add-on subscription

OTT

Prasar Bharati and Shucae Films OTT join forces; aims to boost WAVES OTT content portfolio

Prasar Bharati and Shucae Films OTT join forces; aims to boost WAVES OTT content portfolio

How it Works

From Binge to Breaks: How ads are redefining OTT viewing in India

From Binge to Breaks: How ads are redefining OTT viewing in India