Zee-Sony Merger: NCLT Mumbai agrees to hear Zee’s plea seeking implementation of mega media deal

The National Company Law Tribunal (NCLT) on Tuesday agreed to hear the Zee’s plea that is seeking the implementation of the mega media merger with Sony. The NCLT is set to hear the petition on March 12 next month. Sony has been asked to submit its reply in next two weeks.

The development comes day after Sony (now Culver Max) expressed its disappointment over the decision by Singapore tribunal’s emergency arbitrator. Sony had approached the Singapore International Arbitration Centre seeking a ruling to restrain Zee from moving with NCLT or any other corporate tribunal. However, the SIAC turned down the plea saying that it had no jurisdiction over the matter. The order was delivered on Sunday.

Sony, on its part, maintains that it will seek relief from other international tribunals. The media giant has also asserted that it is ‘confident’ in merit of the case and will continue to seek termination fee and right to call off the deal. Sony Pictures Networks India (SPNI) functions as a subsidiary of Sony Corporation, managing and overseeing the Sony Entertainment network of television channels. Additionally, it possesses ownership of Sony Pictures Network India.

The awkward breakup: When Sony called off merger with Zee
Last month, Sony had called off the deal with ZEEL to merge its two Indian entities, Culver Max Entertainment (formerly known as Sony Pictures Network India), and BEPL, with the Indian media company. Sony Group Corporation (SGC) cited ZEEL’s failure to meet merger conditions and subsequently initiated arbitration proceedings with the Singapore International Arbitration Centre (SIAC), seeking a termination fee of $90 million (approximately Rs 748.5 crore).