Zee Entertainment and SONY logos are displayed in this illustration
| Photo Credit: Reuters
Zee Entertainment Enterprises Ltd. (ZEEL) on Wednesday asked Culver Max Entertainment Pvt. Ltd. (formerly Sony Pictures Networks India Private Ltd.) (Culver Max) and Bangla Entertainment Pvt. Ltd. (BEPL) to immediately withdraw their termination of the Merger Co-operation Agreement (MCA) and confirm that they would perform their obligations to give effect to and implement the Merger Scheme that had been sanctioned by the National Company Law Tribunal.
In a filing to the stock exchanges, ZEEL asserted that Culver Max and BEPL were in default of their obligations to give effect to and implement the Scheme. The media company also denied that it was in breach of its obligations under the MCA and reiterated that it had complied with all its obligations in good faith.
“The company has denied that Culver Max and BEPL are entitled to terminate the MCA and the claim for termination fee is legally untenable and has no basis whatsoever,” ZEEL said in the filing.
It has also approached the Mumbai bench of the National Company Law Tribunal seeking directions to implement the merger scheme and has initiated appropriate legal action to contest Culver Max and BEPL’s claims in the arbitration proceedings before Singapore International Arbitration Centre (SIAC).
ZEEL shares gained 6.7% on the BSE on Wednesday to close at ₹166.35.
