New Delhi [India], August 27 : ZEE Entertainment Enterprises, Culver Max Entertainment (CMEPL) operating as Sony Pictures Networks India (SPNI), together with its group company Bangla Entertainment (BEPL), have arrived at a comprehensive non-cash settlement, amicably resolving all disputes related to the merger agreement and the composite scheme of arrangement.
As part of the settlement, the companies have mutually agreed to withdraw all respective claims against each other, in the ongoing arbitration at the Singapore International Arbitration Centre, and all related legal proceedings initiated in the National Company Law Tribunal (NCLT) and other forums, Zee informed stock exchanges on Tuesday.
As per the stock exchange filing, the companies will also withdraw the respective composite schemes of arrangement from the NCLT and inform the relevant regulatory authorities.
Under the terms of the settlement, none of the parties will have any outstanding or continuing obligations or liabilities to the other.
The filing added that 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.
In January this year, Sony Pictures terminated the USD 10-billion merger deal with Zee Entertainment Enterprises, besides seeking a USD 90 million termination fee from the Indian company.
In a notice issued to Zee, Sony had called off the December 22, 2021 agreement to merge Zee Entertainment Enterprises (ZEEL) and Culver Max Entertainment Private Limited (CME), which was formerly known as Sony Pictures Networks India Private Limited.
The dispute between the two companies arose after this notice at various forums, which ended today with an amicable settlement.
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