NCLT Approves Zee Entertainment's Exit From Sony Merger Agreement
Both companies agreed to withdraw all claims from arbitration at the Singapore International Arbitration Centre and other legal proceedings
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Zee Entertainment Enterprises (ZEEL) has officially withdrawn its composite scheme of arrangement with Culver Max Entertainment and Bangla Entertainment (BEPL) after reaching a settlement. The National Company Law Tribunal (NCLT) approved the withdrawal.
The NCLT's order, dated 5 September 2024 allows Zee to withdraw the scheme and recalls its previous sanction from 10 August 2023, which initially approved the merger.
In August 2024, Zee and Sony disclosed a comprehensive non-cash settlement, amicably resolving disputes related to the Merger Cooperation Agreement and the Composite Scheme of Arrangement.
According to ZEEL’s stock exchange filing, the merger sanctioned in 2023, was terminated by mutual consent. Both companies agreed to withdraw all claims in their arbitration at the Singapore International Arbitration Centre and other legal proceedings, including those in the NCLT.
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