Mumbai: The National Company Law Tribunal (NCLT) Mumbai on Tuesday accepted a petition by a Zee Entertainment shareholder seeking the implementation of a $10 billion merger of its Indian entity with Sony, which was called off last week despite regulatory approvals.
The NCLT Mumbai has granted three weeks to Sony Pictures Networks India to file its reply to the petition filed by Mad Men Film Ventures, a shareholder of Zee.
The merger between Sony and Zee had been announced on December 22, 2021, but was called off by Sony Pictures (now Culver Max) recently. Zee, however, sought enforcement of the scheme, which the tribunal had approved in August 2023, despite opposition from creditors like Axis Finance, JC Flower Asset Reconstruction Co, IDBI Bank, Imax Corp and IDBI Trusteeship. The NCLT Mumbai has kept the next date of hearing on this matter on March 12.
Meanwhile, a hearing for an emergency arbitration on the merger will take place at the Singapore International Arbitration Centre on Wednesday. The Japanese entertainment giant Sony Group Corp terminated the merger and has sought $90 million in termination fees which is being contested by Zee. Sony has moved the SIAC.
