New Delhi: ZEE Entertainment Enterprises Ltd on Tuesday said it has withdrawn its application, seeking implementation of the merger with Sony, filed before the National Company Law Tribunal Mumbai bench.
The company filed an application with the NCLT on January 24, 2024, seeking directions on the implementation of a composite scheme of arrangement between ZEE Entertainment Enterprises Ltd (ZEEL) and Sony group firms Culver Max Entertainment Pvt Ltd and Bangla Entertainment Pvt Ltd. Earlier on January 22, Sony Group Corp called off a USD 10 billion merger of its India unit with ZEEL, following a stalemate over who will lead the merged entity. The deal was announced more than two years back. Sony had sought USD 90 million as break-up fees for violating the terms of the merger pact.