ZEE and SPNI agreed to merge on December 22, 2021. | Photograph: Bloomberg
The Nationwide Firm Regulation Tribunal (NCLT) has allowed withdrawal of its order approving the merger of Zee Leisure and Sony Footage Networks India and recalled its earlier order handed on this regard.
The Mumbai bench of the NCLT had final week recalled its order handed on August 10, 2023, during which it had authorized the merger of Zee Leisure with Sony Footage Networks India.
The bench noticed the events have “mutually consented” to withdraw the scheme on account of the settlement settlement and the board of administrators has handed the resolutions to withdraw the scheme of amalgamation.
“Accordingly, this Bench permits the withdrawal of the Scheme of Amalgamation and hereby recollects order dated 10.08.2023 in C.P.(CAA) No. 209 of 2022,” stated NCLT order, a replica of which was shared to bourses by Zee on Thursday.
Zee, which utilized for withdrawal, submitted the Composite Scheme of the Merger Cooperation Settlement executed to provide impact to this scheme stands terminated and accordingly the deadline has not occurred and the scheme has not attained any effectiveness.
Earlier on August 27, ZEE Leisure and Sony Footage Networks India introduced settling their six months lengthy dispute associated to the failed USD 10-billion merger and agreed to withdraw all claims towards one another.
As a part of that, each had mutually agreed to withdraw all respective claims towards one another within the ongoing arbitration on the SIAC and all associated authorized proceedings initiated within the NCLT and different boards, a joint assertion acknowledged.
Each Zee and Sony had claimed a termination payment of USD 90 million (round Rs 748.7 crore) from one another for not complying to the Merger Cooperation Settlement (MCA) signed in December 2021.
In January this yr, Sony had pulled out from the proposed USD 10.5-billion merger with ZEE Leisure Enterprises Ltd citing failure to fulfill sure “closing situations” by the Indian agency.
ZEE and SPNI agreed to merge on December 22, 2021.
(Solely the headline and film of this report might have been reworked by the Enterprise Commonplace employees; the remainder of the content material is auto-generated from a syndicated feed.)
First Revealed: Sep 14 2024 | 6:57 PM IST
