The ongoing arbitration between ZEEL and Culver Max Entertainment Pvt Ltd (CMEPL) has come to a conclusion as both companies have agreed to withdraw all claims against each other, including the respective Composite Schemes of Arrangement from the NCLT. Sony had initially claimed a termination fee of USD 90 million from ZEEL after the termination of their proposed merger, but was denied any interim relief by the SIAC. ZEEL also moved the NCLT to implement the merger but later withdrew its plea.
Sony and Zee Entertainment Reach Agreement, Withdraw Claims
Background
In September 2021, Sony Pictures Networks India (SPNI) and Zee Entertainment Enterprises Limited (ZEEL) announced a merger agreement to create a media behemoth. However, the deal hit a snag due to legal challenges and regulatory hurdles.
In May 2022, Sony terminated the merger citing delays and non-receipt of necessary approvals. ZEEL contested the termination and demanded a termination fee of $90 million. Sony sought damages from ZEEL for alleged breaches of their agreement.
Resolution
After an extensive arbitration process, Sony and ZEEL have agreed to withdraw all claims against each other. This includes the termination fee and the respective Composite Schemes of Arrangement that were filed with the National Company Law Tribunal (NCLT).
The settlement brings an end to the legal battle between the two companies. It clears the way for ZEEL to explore other strategic options for its business.
FAQs
1. Why did Sony terminate the merger agreement with ZEEL? Sony terminated the merger due to delays and the failure of ZEEL to obtain the necessary regulatory approvals.
2. What was the disputed termination fee? Sony had claimed a termination fee of $90 million from ZEEL. ZEEL contested this claim.
3. What was the outcome of the arbitration? The arbitration concluded with both Sony and ZEEL agreeing to withdraw all claims against each other.
4. What were the Composite Schemes of Arrangement? The Composite Schemes of Arrangement were plans submitted to the NCLT seeking approval for the merger. They were withdrawn as part of the settlement.
5. What are the implications for ZEEL moving forward? The settlement allows ZEEL to focus on its core business operations and explore other strategic options without the legal distraction from the merger dispute.
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