NEW DELHI, Jan 25 (NNN-PTI) – Zee Entertainment Enterprises Limited (ZEEL), yesterday moved the National Company Law Tribunal, Mumbai and Singapore International Arbitration Centre, days after Sony Pictures Networks India Private Limited (SPNI), terminated a 10-billion-U.S.-dollar merger deal.
The SPNI terminated the merger deal, announced on Dec 22, 2021, on Monday, citing, the merger conditions had not been met.
ZEEL, however, denied SPNI’s claims that it breached its obligations under the deal, and said that, it would take appropriate legal action against the termination.
ZEEL on Monday said, the SPNI was seeking a termination fee of 90 million U.S. dollars, on account of the alleged breaches by ZEEL of the merger terms, invoking arbitration and seeking interim reliefs against ZEEL.
It further categorically denied all the assertions raised by the SPNI, on the alleged breaches, under the terms of the merger cooperation agreement.
The SPNI is a wholly-owned subsidiary of Sony Group Corporation of Japan.– NNN-PTI
