The National Company Law Tribunal (NCLT) on January 30 admitted Zee’s petition seeking direction to Sony to implement the merger, which had been approved by the Tribunal. Independently and separately, the Singapore International Arbitration Centre will decide on Sony’s plea on Zee committing breach of the merger agreement.
Sony defended its stand before the NCLT, citing that the merger proposal approved by the Tribunal was dependent on conditions either being fulfilled or waived off in writing. It also contended that the petition was moved by Mad Man Film Ventures, a proxy shareholder of Zee.
The NCLT said that it would adjudicate the matter and directed Sony to file its reply to Mad Man’s petition within three weeks. The matter will be heard on March 12.
Sony terminated the merger pact with Zee on January 22, 2024, citing non-fulfilment of conditions. Zee had denied Sony’s allegations and said that its $90 million termination fee demand was “legally untenable”.