In a significant development, Zee Entertainment Enterprises Ltd (Zee) is set to escalate its battle against Sony. Having obtained interim relief, Zee is now poised to press its application against Sony in the National Company Law Tribunal (NCLT), seeking enforcement of the proposed merger between the two entities.
Scheduled to be heard on February 6, Zee's application before the NCLT seeks enforcement of the proposed merger with Sony. The Emergency Arbitrator's approval to approach the NCLT adds a layer of complexity to the corporate tussle, allowing Zee to press ahead with its legal recourse.
This development follows a setback for Sony, as an emergency arbitrator at the Singapore International Arbitration Centre (SIAC) rejected the plea filed by Culver Max and BEPL (Bangla Entertainment Pvt Ltd). The rejected plea aimed to restrain Zee from seeking enforcement of the merger through any corporate dispute tribunal or the NCLT.
SIAC on Sunday, February 4, rejected the plea citing a lack of its jurisdiction.
In a stock exchange filing on Sunday Sony said that it was disappointed with the SIAC's decision and would vigorously arbitrate the matter in Singapore in front of a full SIAC tribunal.
"We are disappointed in the decision by the Singapore International Arbitration Centre (SIAC). This decision is only a procedural one, ruling only as to whether Zee Entertainment would be permitted to pursue its application with the NCLT," it said.
"We will continue to vigorously arbitrate the matter in Singapore in front of a full SIAC tribunal and pursue SPNI's right to terminate the merger agreement and seek a termination fee and other remedies. We remain confident in the merits of our position in both Singapore and India," it added.
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