Mumbai: Two broadcasting giants are at war. So much so that the matter has gone the legal way.
Zee Entertainment Enterprises (ZEEL) has approached National Company Law Tribunal (NCLT) after Culver Max Entertainment (formerly Sony Pictures India) terminated the $10 billion merger deal.
Zee is seeking directives from NCLT to reverse the termination of merger scheme, the company stated in a stock exchange filing.
The company refuted the entitlement of Culver Max and Bangla Entertainment Private Limited (BEPL) to terminate the agreement and also contested Sony’s demand for a $90 million termination fee.
“The Company issued a reply to Culver Max and BEPL inter alia specifically denying any breach of its obligations under the MCA and reiterated that the Company has complied with all its obligations in good faith,” stated the company’s stock exchange filing.
Zee called upon Culver Max and BEPL to immediately withdraw the termination and “confirm that they will perform their obligations to give effect to and implement the Merger Scheme, sanctioned by the Hon’ble National Company Law Tribunal.”
Besides moving the NCLT, Zee has also engaged Singapore International Arbitration Centre (SIAC) to challenge Culver Max and BEPL’s claims.
“The Company initiated appropriate legal action to contest Culver Max and BEPL’s claims in the arbitration proceedings before SIAC,” the company said.
Comments are closed.