Zee Entertainment Enterprises Limited (ZEE), along with Culver Max Entertainment Private Limited (CMEPL), which operates as Sony Pictures Networks India (SPNI), and its affiliate Bangla Entertainment Private Limited (BEPL), have reached a comprehensive non-cash agreement to amicably resolve all disputes concerning the merger cooperation agreement and the composite scheme of the arrangement, Zee said in a press release.
According to the settlement, the companies have mutually decided to withdraw all claims against each other in the ongoing arbitration at the Singapore International Arbitration Centre and all related legal proceedings before the National Company Law Tribunal (NCLT) and other relevant forums.
The press release further stated, “The companies will also withdraw the respective Composite Schemes of Arrangement from the NCLT and inform the relevant regulatory authorities.”
According to the settlement terms, no party will have any remaining or ongoing obligations or liabilities towards the others.
“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 and entertainment landscape, signifying the definitive conclusion of all disputes,” the press release said.
Meanwhile, Zee Entertainment Enterprises’ share price surged by as much as 15 per cent on Tuesday after it entered into an agreement with Sony over the termination of their merger.
The stock climbed to an intraday high of Rs 154.9 before settling down to Rs 147.7, still marking an increase of around 10 per cent from the previous day’s close.
First Published: Aug 27 2024 | 3:31 PM IST