Zee Entertainment Enterprises Ltd. has received approval from the National Company Law Tribunal to withdraw its application and claims in the arbitration proceedings related to its merger with Sony Pictures Networks India.
The disclosure marks the conclusion of the legal battle over the merger, which has been under process for nearly three years.
"NCLT, inter alia, allowing the withdrawal of the scheme and recall the sanctioned order dated Aug. 10, 2023, passed by the NCLT in respect of the scheme," Zee said in an exchange filing on Thursday.
The company sought to recall the NCLT's Aug. 10 order sanctioning the merger by filing an application on Aug. 29, according to Zee.
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 0.55% lower at Rs 134.75 apiece on the BSE, compared to a 1.77% advance in the BSE Sensex.
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