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Sony Group companies Culver Max Entertainment and Bangla Entertainment (BEPL) initiated arbitration proceedings against Zee Entertainment Enterprises before Singapore International Arbitration Centre (SIAC), while Zee, denying charges, approached National Company Law Tribunal (NCLT) in Mumbai, seeking directions that the merger scheme, previously approved by the forum, be implemented.
Two days after their two-year-long efforts to merge were called off, broadcasters Zee and Sony went at each other in legal forums in India and Singapore, claiming breach of contract.
The homegrown media and entertainment company has already stated it will contest Culver Max and BEPL’s claims to pay a $90- million termination fee in the arbitration proceedings
At the end of Wednesday's trading session, the Sensex showed a gain of 689.76 points, or 0.98 percent, reaching 71,060, while the Nifty recorded an increase of 215.15 points, or 1.01 percent, closing at 21,454.
As per the agreement, Sony had plans to invest USD 1.575 billion in the merged entity and have a majority stake of 52.93 per cent.