NEW DELHI: Zee Entertainment said on Wednesday that it has asked Sony Group to reverse its decision to terminate a $10 billion merger between its local unit and the broadcaster, Reuters reported.
It further stated that it has initiated legal action to counter Sony’s accusations of breach of agreements in arbitration proceedings before the Singapore International Arbitration Centre.
The company has also approached the National corporation Law Tribunal for guidance on how to carry out the merger.
“The company has complied with all its obligations in good faith,” Zee said in a regulatory filing.
The Sony Group had sent a termination letter to Zee Entertainment on Monday calling off the merger between its India unit and the media network, ending a two-year acquisition saga.
The termination came after a stalemate between the companies regarding the leadership of the merged entity, with uncertainties arising over whether Zee’s Chief Executive Officer Punit Goenka would assume the role amid an investigation into his conduct by Sebi.
Calling it ‘to be a sign from the Lord’, Zee CEO Punit Goenka had said on Monday, “As I arrived at Ayodhya early this morning for the auspicious occasion of Pran Pratishtha, I received a message that the deal that I have spent 2 years envisioning and working towards had fallen through, despite my best and most honest efforts.”
“I believe this to be a sign from the Lord. I resolve to move ahead positively and work towards strengthening Bharat’s pioneering M&E Company, for all its stakeholders. Jai Shri Ram “, Goenka added in a post on X.
It further stated that it has initiated legal action to counter Sony’s accusations of breach of agreements in arbitration proceedings before the Singapore International Arbitration Centre.
The company has also approached the National corporation Law Tribunal for guidance on how to carry out the merger.
“The company has complied with all its obligations in good faith,” Zee said in a regulatory filing.
The Sony Group had sent a termination letter to Zee Entertainment on Monday calling off the merger between its India unit and the media network, ending a two-year acquisition saga.
The termination came after a stalemate between the companies regarding the leadership of the merged entity, with uncertainties arising over whether Zee’s Chief Executive Officer Punit Goenka would assume the role amid an investigation into his conduct by Sebi.
Calling it ‘to be a sign from the Lord’, Zee CEO Punit Goenka had said on Monday, “As I arrived at Ayodhya early this morning for the auspicious occasion of Pran Pratishtha, I received a message that the deal that I have spent 2 years envisioning and working towards had fallen through, despite my best and most honest efforts.”
“I believe this to be a sign from the Lord. I resolve to move ahead positively and work towards strengthening Bharat’s pioneering M&E Company, for all its stakeholders. Jai Shri Ram “, Goenka added in a post on X.