NEWD ELHI: The National Company Law Tribunal (NCLT), Mumbai has sought a response from Sony Pictures Networks (now Culver Max) in an application filed by Zee Entertainment Enterprises.
Zee Enterprises moved the Tribunal seeking the implementation of the $10 billion merger between the two companies.
While posting the matter for hearing on March 12, a coram that comprised of judicial member Lakshmi Gurung and technical member Charanjeet Singh Gulati directed Sony Pictures to reply within two weeks.
This development comes a day after Sony expressed its disappointment over the Singapore tribunal’s emergency arbitrator's decision. Sony had approached the Singapore International Arbitration Centre wanting to restrain Zee from moving with NCLT or any other corporate tribunal. However, stating that it has no jurisdiction, SIAC rejected the plea.
Reportedly, Senior Advocate Janak Dwarkadas appearing for the applicant argued that the sole jurisdiction to consider and supervise the scheme which is already sanctioned lies only with the NCLT, and, so Zee filed the the present application.
Appearing for Sony Pictures, Senior Advocate Darius Khambata apprised the tribunal that the company was in the process of filing an application challenging the maintainability of the application.
The merger between Sony Pictures and Zee was announced on December 22, 2021, but was subsequently called off by the former following a series of delays. NCLT’s Mumbai bench in August 2023 approved the merger scheme, which would’ve likely created a $10 billion media entity.
Zee, however, sought enforcement of the scheme, despite opposition from creditors like Axis Finance, JC Flower Asset Reconstruction Co, IDBI Bank, Imax Corp and IDBI Trusteeship.