NEW DELHI, Jan. 25 – Zee Entertainment Enterprises Limited (ZEEL) Wednesday moved the National Company Law Tribunal, Mumbai and Singapore International Arbitration Center 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 that 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.
