New Delhi, Aug 27 (UNI) ZEE Entertainment Enterprises Ltd (ZEE) on Tuesday said that it has reached a comprehensive non-cash settlement with Culver Max Entertainment Pvt Ltd (operating as Sony Pictures Networks India) and its affiliate Bangla Entertainment Pvt Ltd (BEPL) to amicably resolve all disputes related to the merger co-operation agreement and the composite scheme of arrangement.
As per the settlement, the companies have mutually agreed to withdraw all respective claims against each other in the ongoing arbitration at the Singapore International Arbitration Centre, and all related legal proceedings initiated in the National Company Law Tribunal (NCLT) and other forums.
The companies will also withdraw the respective composite schemes of arrangement from the NCLT and inform the relevant regulatory authorities.
“Under the terms of the settlement, none of the parties will have any outstanding or continuing obligations or liabilities to the other. The settlement stems from a mutual understanding between the companies to independently pursue future growth opportunities with a renewed purpose and focus on the evolving media & entertainment landscape, signifying the definitive conclusion of all disputes,” an official statement said.
Zee Entertainment Enterprises’ share price surged on the bourses following the announcement of the settlement agreement. The entertainment major’s scrip closed at Rs 150.85 apiece on the BSE on Tuesday, 11.45% higher over the previous close.
Zee and Sony had signed the US$10 billion merger deal in December 2021 but the Japanese media giant called off the agreement early this year. Sony also sought US$ 90 million from Zee Entertainment on account of alleged breaches of terms of merger co-operation agreement.
