The corporate tussle between Zee and Sony doesn’t seem to end anytime soon. Days after Sony terminated the $10 billion media merger, Zee Entertainment Enterprises Ltd (ZEEL) on Wednesday moved the NCLT against the Sony Pictures Networks’ decision to scrap the deal.
In a filing in the stock exchange, ZEEL said that it is “seeking directions to implement the merger scheme.” The Punit Goenka-led company had asked for another deadline extension from Sony. However, instead of accepting the request of deadline extension, Sony decided to terminate the merger.
The $10 billion mega merger was signed on December 22, 2021. Culver Max (previously known as Sony Pictures Networks India), Zee and Bangla Entertainment Pvt Ltd, had decided to merge their businesses into a single entity. The deadline for this was within 24 months.
“The Company has 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,” ZEEL said in the regulatory filing.
ZEEL has also refuted Sony’s claim of $90 million termination fee, calling it legally untenable. Goenka’s company has also denied that Sony Pictures is ‘entitled to terminate the deal.’