Zee Entertainment Enterprises Ltd. has withdrawn its application and rights to file claims or counterclaims in the arbitration proceedings linked to its merger with Sony Pictures Networks India.
The company disclosed this in an exchange filing on Friday, marking an end to the legal battle over the merger that has been in the works for nearly three years.
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The company sought to recall the National Company Law Tribunal's Aug. 10 order of sanctioning the merger by filing an application on Aug. 29, according to Zee.
Zee has withdrawn its application and waived its rights to pursue further claims in the arbitration related to the merger agreement from Dec. 22, 2021.
Similarly, Sony Pictures Networks India, now known as Culver Max Entertainment, and Bangla Entertainment Pvt. also withdrew their rights to file claims or counterclaims in the arbitration. With this move, the merger between Zee and Sony cannot proceed under the current terms.
The Zee-Sony merger talks began in Sept. 2021, with the merger agreement being approved by Zee's board of directors in December 2021. Despite regulatory approvals and clearing several legal hurdles, the merger faced opposition from creditors and led to multiple legal disputes, culminating in Sony terminating the merger agreement in January. Zee responded with legal action, but eventually, both companies reached a non-cash settlement in August.
Shares of Zee closed 1.23% lower at Rs 142.54 apiece on the NSE, compared to a 0.33% advance in the benchmark Nifty.
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