ZEE Entertainment Enterprises Ltd. (ZEEL) and Sony Corporation's Culver Max Entertainment Pvt. Ltd. (CMEPL) have amicably resolved their disputes related to the merger cooperation agreement and the composite scheme of arrangement. The companies, along with CMEPL's group company Bangla Entertainment Pvt. Ltd. (BEPL), announced on Tuesday that they have reached a comprehensive non-cash settlement. This resolution marks the end of all legal disputes between the parties.
Withdrawal of Legal Claims
As part of the settlement, ZEEL, CMEPL, and BEPL have mutually agreed to withdraw all claims against each other in ongoing arbitration at the Singapore International Arbitration Centre (SIAC). They will also withdraw any related legal proceedings that were initiated in the National Company Law Tribunal (NCLT) and other legal forums. This includes the respective composite schemes of arrangement, which will be formally withdrawn from the NCLT, with relevant regulatory authorities being informed of this development.
Earlier, in January 2024, ZEEL had approached the NCLT's Mumbai bench to seek directions for implementing the merger scheme after Sony Corporation called off the $10 billion merger plan. The settlement now signifies that none of the parties will have any continuing obligations or liabilities to one another.
A Shift in Focus
The settlement is a result of a mutual understanding between ZEEL and Sony to independently pursue future growth opportunities. Both companies are now poised to focus on the evolving media and entertainment landscape with a renewed purpose. The decision to resolve all disputes and part ways underscores their commitment to adapting to the industry's changing dynamics and pursuing growth separately.
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