In the latest salvo fired by Sony, its Indian subsidiary Culver Max has moved an application before NCLT Mumbai, challenging the maintainability of a plea by Zee that is seeking the implementation of the merger. The application by Sony cites the arbitration clause in the agreement arrived at between the two sides. Sony has claimed that having agreed upon an arbitration clause, any dispute should be argued and decided through arbitral proceedings. The NCLT has agreed to heat Sony's application. The Mumbai bench of the NCLT has issued a notice to Zee, seeking its response. The NCLT has scheduled this plea for hearing, along with other applications in this dispute, on March 12.
Reacting, Zee shares declined on BSE.
(Edited by : Amrita)
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