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The Singapore International Arbitration Centre has denied the application for emergency interim relief by Sony also known as Culver Max Entertainment Ltd. against Zee Entertainment Enterprises Ltd.
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SIAC has determined that its emergency arbitrator has no jurisdiction or authority to injunct Zee from approaching the NCLT to implement the merger scheme, the company said in an exchange filing
The Singapore Arbitration Centre has denied Sony Group's plea to restrain Zee Entertainment Enterprises Ltd (ZEEL) from moving to the National Company Law Tribunal (NCLT) for enforcing a merger called off by Sony. The Emergency Arbitrator ruled it lacked jurisdiction to issue such an order. Sony terminated the merger agreement with ZEEL last month, citing unsatisfied conditions. ZEEL filed a petition before NCLT to implement the merger, and Sony initiated arbitration proceedings claiming a USD 90 million termination fee. The denial by the Singapore Arbitration Centre allows ZEEL to proceed wit...
The Mumbai bench of NCLT on August 10, 2023, approved the scheme of merger of ZEEL with Sony group entities Culver Max Entertainment and BEPL, which could have created a USD 10 billion media entity.