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Zee Entertainment Enterprises has filed an application with the National Company Law Tribunal (NCLT) seeking the recall of the tribunal’s August 10, 2023 order, which sanctioned the merger scheme with Sony Group Corporation’s India media units, Culver Max Entertainment and Bangla Entertainment.
The Indian entertainment giant filed the application with the Mumbai bench of the NCLT on August 29, according to its regulatory filing, The Economic Times reported.
Furthermore, on August 30, Zee withdrew its application and relinquished its rights to file claims/counterclaims before the arbitral tribunal constituted in the arbitration proceedings related to the merger cooperation agreement dated December 22, 2021.
The arbitration proceedings were initiated by Culver Max and Bangla Entertainment before the SIAC. Zee contested the Sony-owned companies’ claim of a USD 90 million termination fee for the non-fulfillment of the merger scheme.
