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Zee, Sony latest moves

February 1, 2024

By Chris Forrester

India’s National Company Law Tribunal (NCLT), which has been closely involved in the Zee Entertainment and Sony merger negotiations, has accepted a Petition from a shareholder in Zee which calls for the merger to go ahead.

The Petition from Mad Men Film Ventures, a shareholder of Zee Entertainment Enterprises (ZEEL), directing Sony Pictures Network India, now known as Culver Max, to file a reply within three weeks.

The Petition calls for Sony/Culver Max to implement the merger on the terms which were approved by the NCLT back in August last year.

The NCLT has set March 12th as the date for a hearing, although there’s no obligation for Sony to reverse its decision to abandon the merger.

A batch of emails has also emerged and Reuters is reporting that there were 20 assorted compliance issues still to be resolved. There was also a problem with assets held by Zee in Russia, which Zee had not disposed of. This was a major “absolutely critical” concern for Sony India’s US masters.

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