Zee Entertainment Enterprises Ltd. on January 24 said, it has moved the National Company Law Tribunal (NCLT) and the Singapore International Arbitration Centre against Sony Pictures Network India’s termination of the merger deal. It has sought directions from the NCLT to implement the merger scheme.
The proposed amalgamation of Sony and Zee would have created a $10 billion media company. It was called off by Sony through a termination notice served on Zee on January 22.
The main reasons for the termination notice were the insistence by Zee to have Punit Goenka as the head of the merged entity, and the SEBI investigation against Punit Goenka and his father, Subhash Chandra, for financial irregularities in Zee.