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Zee Entertainment, an Indian broadcasting firm, has filed a petition with the National Company Law Tribunal against Culver Max Entertainment (previously Sony Pictures India), urging the Japan-based company to rescind the termination of the merger scheme. Zee Entertainment made this announcement in a stock exchange filing on Wednesday days after merger agreement was terminated.

It is "evaluating all available options" and basis the guidance received from its board, said a regulatory filing from Zee Entertainment Enterprise.

Get latest articles and stories on Business at LatestLY. Continuing with the gains made during the morning session, Indian stocks closed Wednesday's trade in the green. The markets witnessed a bloodbath during the previous session -- Sensex fell over 1,000 points -- due to a host of reasons including high valuations, foreign portfolio investors lately pulling out funds from India, and a mild profit booking. Business News | Keeping Opening Gains Intact, Indian Stocks Settle Firm.

Days before Sony Group pulled the plug on the $10 billion deal, Zee group founder Subhash Chandra had written to Finance Minister Nirmala Sitharaman, blaming Sebi for trying to 'scuttle' the merger of its flagship media firm Zee Entertainment Enterprise with the Japanese firm and subsequent investment in the merged entity. Alleging market regulator Sebi is 'acting with a predetermined mind', the Zee group patriarch requested the finance minister to take the necessary steps 'to safeguard the interest of the minority shareholders of Zee'. Chandra in his letter dated January 16, seen by PTI, said...

Mumbai: Zee Entertainment Enterprises Ltd on Wednesday took legal actions by filing petitions with the National Company Law Tribunal in Mumbai and initiating proceedings at the Singapore International Arbitration Centre after Sony's termination of a $10-billion merger deal, media reports said.