MUMBAI: Zee Entertainment Enterprises has determined to withdraw its utility asking an Indian tribunal to order Sony to honour its obligations to shut a $10-billion merger deal that the native arm of the Japanese agency had terminated.
It had filed the merger implementation utility with the NCLT (Mumbai bench) on Jan 24 after Sony India referred to as off the cope with Zee for alleged breaches within the phrases of the settlement.
On Tuesday, Zee mentioned it has determined to withdraw the merger implementation utility after a session with authorized consultants. However, it added that it’s going to proceed to pursue its declare together with the demand for a $90-million termination payment in opposition to Sony India within the ongoing arbitration proceedings in Singapore.
The collapse of the merger, which was within the works for greater than two years, was regarding for Zee amid consolidation strikes within the media and leisure trade. It had spent a complete of about Rs 367 crore on merger-related bills.
After the deal’s cancellation, it initiated steps to streamline its construction and rationalise its workforce to scale back bills and enhance earnings. It additionally introduced that MD Punit Goenka will take a 20% minimize in his remuneration as a part of its cost-cutting strikes.
It had filed the merger implementation utility with the NCLT (Mumbai bench) on Jan 24 after Sony India referred to as off the cope with Zee for alleged breaches within the phrases of the settlement.
On Tuesday, Zee mentioned it has determined to withdraw the merger implementation utility after a session with authorized consultants. However, it added that it’s going to proceed to pursue its declare together with the demand for a $90-million termination payment in opposition to Sony India within the ongoing arbitration proceedings in Singapore.
The collapse of the merger, which was within the works for greater than two years, was regarding for Zee amid consolidation strikes within the media and leisure trade. It had spent a complete of about Rs 367 crore on merger-related bills.
After the deal’s cancellation, it initiated steps to streamline its construction and rationalise its workforce to scale back bills and enhance earnings. It additionally introduced that MD Punit Goenka will take a 20% minimize in his remuneration as a part of its cost-cutting strikes.
