<keyword id="19976119" type="General" weightage="20" keywordseo="Zee" source="keywords">ZEE</keyword> Entertainment Enterprises Ltd and <keyword id="19914172" type="General" weightage="20" keywordseo="Sony" source="keywords">Sony</keyword> Pictures Networks India on Tuesday said they have settled their disputes related to the failed USD 10-billion merger and have agreed to withdraw all claims against each other. 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, signifying the definitive conclusion of all disputes, the two companies said in a joint statement. ZEE Entertainment Enterprises Ltd and Culver Max Entertainment Pvt. Ltd. (CMEPL) have arrived at a comprehensive non-cash settlement, amicably resolving all disputes related to the merger co-operation agreement and the composite scheme of arrangement, it said. Under the agreement, the companies have mutually agreed to withdraw all respective claims against each other, in the ongoing arbitration at the Singapore International Arbitration Centre (SIAC), and all related legal proceedings initiated in the National Company Law Tribunal (<keyword id="6355809" type="General" weightage="20" keywordseo="nclt" source="Orion">NCLT</keyword>) and other forums, it added. The companies will also withdraw the respective composite schemes of Arrangement from the NCLT and inform the relevant regulatory authorities. In January this year, Sony had pulled out from the proposed USD 10-billion merger with ZEE Entertainment Enterprises Ltd citing failure to meet certain "closing conditions" by the Indian firm. The deal collapsed after over two years of announcing it. Subsequently, the two parties went to the courts. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-to-be-launched-on-september-9-heres-everything-we-know-so-far/articleshow/112828818.cms">Apple iPhone 16 to be launched on September 9 – here’s everything we know so far</a> <a href="https://www.businessinsider.in/stock-market/news/a-company-with-8-employees-looking-to-raise-12-crore-ended-up-getting-applications-worth-over-4700-crore/articleshow/112824522.cms">Delhi firm with just 8 employees seeks ₹12 crore via IPO, gets ₹4,700 crore worth of investor applications!</a> <a href="https://www.businessinsider.in/tech/news/telegram-comes-under-the-scanner-in-india-for-extortion-and-gambling-will-it-be-banned-in-india/articleshow/112807370.cms">Telegram comes under the scanner in India for extortion and gambling – will it be banned in India?</a>

Zee and Sony amicably settle disputes over their failed merger, withdraw claims

Mumbai, The National Company Law Tribunal (<keyword id="19901085" type="General" weightage="20" keywordseo="nclt" source="keywords">NCLT</keyword>) on Tuesday accepted a petition by a Zee Entertainment shareholder seeking the merger of its Indian entity with <keyword id="19914172" type="General" weightage="20" keywordseo="sony" source="keywords">Sony</keyword>, which was called off last week despite regulatory approvals. The Mumbai-bench of NCLT issued a notice on a petition moved by Mad Men Film Ventures, a shareholder of <keyword id="20044563" type="General" weightage="20" keywordseo="zee-entertainment-enterprises" source="keywords">Zee Entertainment Enterprises</keyword> (<keyword id="20115912" type="General" weightage="20" keywordseo="zeel" source="keywords">ZEEL</keyword>), directing Sony Pictures Network India, now known as <keyword id="20287255" type="General" weightage="20" keywordseo="culver-max" source="keywords">Culver Max</keyword>, to file a reply within three weeks. Mad Men Film Ventures on Tuesday filed the petition requesting both ZEEL and Sony to implement the merger as it was approved by the NCLT in August 2023. The tribunal did not agree to the arguments made by the counsel stating that the approval by NCLT was conditional and depended on various conditions, which may be fulfilled or waived off in writing. NCLT has kept the next date of hearing on this matter on March 12. Last week, the Sony Group Corp called off the merger with ZEEL following a stalemate over who will lead the merged entity. This merger could have otherwise created a USD 10 billion media enterprise in the country. The deal stipulated that the merger was to be completed before December 21, 2023, including regulatory and other approvals with a grace period of one month to complete the transaction.

ZEE-Sony merger: NCLT issues notice to Sony to file reply in 3 weeks

<keyword id="20044563" type="General" weightage="20" keywordseo="Zee-Entertainment-Enterprises" source="keywords" meta.keywordsubtype="org" meta.entityname="Zee Entertainment Enterprises" meta.hostid="261" meta.entityid="Zee Entertainment Enterprises">Zee Entertainment Enterprises</keyword> has sought a <keyword id="20325347" type="General" weightage="20" keywordseo="termination-fee" source="keywords">termination fee</keyword> of USD 90 million (around Rs 748.7 crore) from the <keyword id="19914172" type="General" weightage="20" keywordseo="Sony" source="keywords">Sony</keyword> Group for calling off the USD 10 billion merger deal in January this year. It has sought termination fees from two Sony Group entities -- <keyword id="19897065" type="General" weightage="20" keywordseo="sony-pictures-networks" source="keywords">Sony Pictures Networks</keyword> India (SPNI), now known as Culver Max Entertainment, and Bangla Entertainment (BEPL), according to a regulatory filing from Zee Entertainment Enterprises Ltd (<keyword id="20115912" type="General" weightage="20" keywordseo="ZEEL" source="keywords">ZEEL</keyword>) on Thursday. ZEEL has, on account of Culver Max's and BEPL's breaches under the Merger Cooperation agreement (MCA), terminated the MCA by issuing a letter dated May 23, 2024. The company has sought a termination fee from Culver Max and BEPL under the provisions of the MCA, it said. "Culver Max and BEPL have failed to comply with their obligations under the MCA. Therefore, the company has terminated the MCA and called upon Culver Max and BEPL to pay the termination fee i.e. the aggregate amount equal to USD 90 million in accordance with the MCA," it said. Earlier on January 22, 2024, Sony Group Corporation (SGC) had said that ZEEL did not satisfy the merger conditions and initiated arbitration proceedings before the Singapore International Arbitration Centre (SIAC) claiming USD 90 million as termination fee. This was contested by ZEEL before the SIAC, which denied any interim relief to the Sony group against the Indian broadcaster. ZEEL had moved the National Company Law Tribunal seeking implementation of the proposed merger and later withdrew its plea. "We hereby wish to inform you that the company has, on account of Culver Max's and BEPL's breaches under the MCA, terminated the MCA by issuing a letter dated May 23, 2024, and sought a termination fee from Culver Max and BEPL in accordance with the provisions of the MCA," the filing said. ZEEL and SPNI had entered into an agreement to merge on December 22, 2021. On August 10, 2023 the Mumbai bench of NCLT approved the scheme of merger of ZEEL with Sony group entities Culver Max Entertainment and BEPL, which could have created a USD 10 billion media entity. However, two years after that Sony Corporation announced the termination of the agreement on January 22, 2024. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/poco-f6-with-snapdraon-8s-gen-3-chipset-launched-starting-at-29999/articleshow/110367623.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/poco-f6-with-snapdraon-8s-gen-3-chipset-launched-starting-at-29999/articleshow/110367623.cms" target="_blank">Poco F6 with Snapdraon 8s Gen 3 chipset launched starting at ₹29,999</a><a href="https://www.businessinsider.in/tech/mobile/webstories/realme-gt-6t-vs-motorola-edge-50-pro-price-specs-and-features-compared/slidelist/110366047.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/realme-gt-6t-vs-motorola-edge-50-pro-price-specs-and-features-compared/slidelist/110366047.cms" target="_blank">Realme GT 6T vs Motorola Edge 50 Pro – price, specs and features compared</a><a href="https://www.businessinsider.in/sports/webstories/sunrisers-hyderabad-and-rajasthan-royals-compete-for-the-ipl-finals-spot-on-may-24/slidelist/110362880.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/sunrisers-hyderabad-and-rajasthan-royals-compete-for-the-ipl-finals-spot-on-may-24/slidelist/110362880.cms" target="_blank">Sunrisers Hyderabad and Rajasthan Royals compete for the IPL finals spot on May 24</a>

Zee seeks $90 million termination fee from Sony for calling off merger

<ul><li><keyword id="20068359" type="General" weightage="20" keywordseo="zee-entertainment" source="keywords">ZEE Entertainment</keyword> conducted a board meeting to take note of merger termination notice by <keyword id="19914172" type="General" weightage="20" keywordseo="sony" source="keywords">Sony</keyword>.</li><li>As per the deal, the merger was to be completed before December 21, 2023.</li></ul> <keyword id="20287255" type="General" weightage="20" keywordseo="culver-max" source="keywords">Culver Max</keyword> Entertainment, formerly known as <keyword id="19897065" type="General" weightage="20" keywordseo="sony-pictures-networks" source="keywords">Sony Pictures Networks</keyword> India (SPNI), has terminated merger agreements with Zee Entertainment, which could have otherwise created a USD 10 billion media enterprise in the country. "SPNI, a wholly-owned subsidiary of Sony Group Corporation, today issued a notice terminating the definitive agreements entered into by SPNI and Zee Entertainment Enterprises Ltd (<keyword id="20115912" type="General" weightage="20" keywordseo="zeel" source="keywords">ZEEL</keyword>) relating to the merger of ZEEL with and into SPNI, which was...announced on December 22, 2021," a statement by Sony Group Corporation said. As per the deal, the merger was to be completed before December 21, 2023, including regulatory and other approvals with grace period of one month to complete the transaction. If the merger did not close by 24 months after their signature date, the parties would be required to discuss an extension of the end date required to make the merger effective by a reasonable period of time, it said. Such discussions were required to be held for a period ending 30 days after the end date. "The definitive agreements further provided that if the parties are unable to agree upon such an extension by the end of the discussion period, any party could terminate the definitive agreements by providing written notice," it said. However, the merger did not close by the end date as, among other things, the closing conditions to the merger were not satisfied by then, it said. Sony sent a termination notice to Subhash Chandra family-promoted media and entertainment firm ZEEL after the end of one month grace period. ZEE Entertainment board meet On its part, ZEE Entertainment conducted a board meeting to take note of merger termination notice by Sony. The Board of Directors noted that all efforts and steps were taken by ZEEL in line with the Merger Cooperation Agreement. Moreover, "ZEEL’s Board of Directors is evaluating all the available options. Basis the guidance received from the Board, ZEEL will take all the necessary steps to protect the long-term interests of all its stakeholders, including by taking appropriate legal action and contesting Culver Max and BEPL’s claims in the arbitration proceedings," as per a media release. The story till now... On December 17 last year, ZEEL sought an extension of the deadline from Culver Max and Bangla Entertainment Pvt Ltd (BEPL) under the 2021 agreement. On December 19, SPNI had stated that it had not yet agreed to the deadline extension request by ZEEL. However, a day after it agreed to discuss the matter. The proposed USD 10-billion merger had already received regulatory approvals from fair trade regulator CCI, NSE and BSE, shareholders and creditors of the company. In August last year, the Mumbai bench of the National Company Law Tribunal (NCLT) also gave a go-ahead to the merger. (With text input from PTI)

Sony terminates merger agreement with Zee Entertainment

New Delhi, Zee Entertainment Enterprises Ltd (<keyword id="20115912" type="General" weightage="20" keywordseo="zeel" source="keywords">ZEEL</keyword>) is seeking rapprochement with <keyword id="19914172" type="General" weightage="20" keywordseo="sony" source="keywords">Sony</keyword> Group as it makes a last-ditch effort to resurrect a USD 10 billion merger, according to industry sources. After the Japanese multinational firm pulled the plug on its USD 10 billion merger deal in January, the Indian company reached out again to Sony to reconsider the termination and offered for talks this month, a source said. On the other hand, Sony is understood to be evaluating the proposal from Zee. Comments from Sony Picture Networks India could not be obtained as an e-mailed query remained unanswered. A Zee spokesperson said, "Since the matter is subjudice we have no comments to offer." Another source said ZEEL never stopped working for a possible reconciliation dialogue citing that it was ZEEL that moved to NCLT to make the merger happen. "The ball is in Sony's court. They need to respond if the deal has to be revived," the source said. The development comes amidst the two parties filing cases against each other after the deal collapsed. Sony had initiated arbitration proceedings before The Singapore Arbitration Center (SIAC) claiming USD 90 million (around Rs 748.5 cr) as a termination fee. On the other hand, ZEEL filed a petition before the Mumbai bench of the National Company Law Tribunal (NCLT), seeking a direction to Sony Group to implement the merger scheme. SIAC also denied Sony Group's plea seeking interim relief against ZEEL to restrain it from moving NCLT to enforce the failed merger of its subsidiary Culver Max with the Indian media house. ZEEL also initiated appropriate legal actions to contest the claims of USD 90 million filed by Sony Group before SIAC. More than two years after announcing their proposed merger, Sony on January 22 announced the termination of the deal while accusing ZEEL of not meeting closing conditions even after extending their closing period by a month. ZEEL has maintained that it was willing to meet most of the conditions. Sources said during the one-month extension of the negotiation period, ZEEL had proposed an extension of a further six months for closing the transaction, even offering to discuss any other alternate closing timeline that Sony believed would be reasonable and achievable. ZEEL had also offered that its MD and CEO Punit <keyword id="19897741" type="General" weightage="20" keywordseo="goenka" source="keywords">Goenka</keyword> would not lead the merged entity as per the condition. Earlier, the market watchdog SEBI had barred Essel Group chairman <keyword id="20115911" type="General" weightage="20" keywordseo="subhash-chandra" source="keywords">Subhash Chandra</keyword> and Goenka from holding the position of a director in any listed company. The market regulator took the action after they were allegedly found diverting funds from the company. However, this order was quashed by the Securities Appellate Tribunal (SAT). But the investigations against Goenka by SEBI (Securities and Exchange Board of India) are still pending. Last week, Sony's top management in its December quarter earnings said it will seek various options, including finding another opportunity to replace the plan and organic growth opportunities in India, which has great potential in the long term. "India on a long term basis has a great growth potential. It's a very appealing market. Therefore, we will try to seek various opportunities and if we can find another opportunity that would replace this type of plan," said <keyword id="20660368" type="General" weightage="20" keywordseo="hiroki-totoki" source="keywords">Hiroki Totoki</keyword>, president, COO &amp; CFO of Sony when asked about the company's strategy in India after the termination of the proposed merger. While, Goenka in the first earning call of the company last week, after the deal to merge with Sony collapsed, said ZEEL is focusing on a three-pronged approach -- frugality, optimisation and sharp focus on quality content. The company aspires for an 8 to 10 per cent CAGR revenue growth, with digital business growing at a much faster pace, he said. ZEEL, in the financial statement of the December quarter also informed it spent nearly Rs 427 crore on the merger process. Overall Rs 250.73 crore were spent on the merger in the nine months of FY24. It had spent Rs 176.20 crore in FY23 for the deal, announced in December 2021. If the merger were completed, the combined entity would have owned over 70 TV channels, two video streaming services -- ZEE5 and Sony LIV -- and two film studios -- Zee Studios and Sony Pictures Films India-- making it the largest entertainment network in the country.

Zee Entertainment reaches out to Sony to revive terminated merger

New Delhi, <keyword id="19914172" type="General" weightage="20" keywordseo="sony" source="keywords">Sony</keyword> on Monday said it is "disappointment" with Singapore tribunal's emergency arbitrator's decision rejecting its plea to restrain <keyword id="19976119" type="General" weightage="20" keywordseo="zee" source="keywords">Zee</keyword> from approaching NCLT and asserted that it will "vigorously arbitrate" the matter in the international tribunal. An emergency arbitrator of Singapore International Arbitration Centre (<keyword id="20451420" type="General" weightage="20" keywordseo="siac" source="keywords">SIAC</keyword>) rejected a plea of <keyword id="20287255" type="General" weightage="20" keywordseo="culver-max" source="keywords">Culver Max</keyword> and BEPL (Bangla Entertainment Pvt Ltd) seeking an order to restrain Zee Entertainment Enterprise Ltd (<keyword id="20115912" type="General" weightage="20" keywordseo="zeel" source="keywords">ZEEL</keyword>) from approaching any corporate dispute tribunal or NCLT for enforcing the merger that was called off by the Japanese media company's Indian arm. SIAC on Sunday rejected the plea, citing lack of its jurisdiction. Sony Pictures Entertainment in a statement on Monday said, the company remains confident in the merits of the matter and pursue Sony Pictures Network India's (now Culver Max) right to terminate the merger agreement and seek damages from Zee Entertainment Enterprises Ltd (ZEEL). "We are disappointed in the decision by the Singapore International Arbitration Centre (SIAC). This decision is only a procedural one, ruling only as to whether Zee Entertainment would be permitted to pursue its application with the NCLT," it said. It further said: "We will continue to vigorously arbitrate the matter in Singapore in front of a full SIAC tribunal and pursue SPNI's right to terminate the merger agreement and seek a termination fee and other remedies. We remain confident in the merits of our position in both Singapore and India." Sony Pictures Networks India (SPNI) is a subsidiary of Sony Corporation which owns and operates Sony Entertainment network of television channel. It also owns Sony Pictures Network India. "We wish to inform that the Emergency Arbitrator has passed an award dated February 4, 2024 denying the application for emergency interim relief filed by Culver Max and BEPL and has determined that the Emergency Arbitrator has no jurisdiction or authority to injunct the Company from approaching the NCLT to implement the Merger Scheme since these are matters which fall within the statutory system and are for the NCLT to decide," ZEEL had said in a regulatory filing on Sunday while updating the development. Sony had last month terminated the agreement with ZEEL to merge its two Indian entities -- Culver Max Entertainment (earlier known as Sony Pictures Network India) and BEPL-- with the Indian media company. Sony Group Corporation (SGC) had said ZEEL failed to satisfy merger conditions and also initiated arbitration proceedings before SIAC claiming USD 90 million (around Rs 748.5 crore) as a termination fee. On the other hand, ZEEL filed a petition before the National Company Law Tribunal (NCLT), seeking a direction for Sony group to implement the merger. ZEEL also initiated legal actions to contest the claims of USD 90 million filed by Sony Group before SIAC. The Mumbai bench of NCLT on August 10, 2023, approved the scheme of merger of ZEEL with Sony group entities Culver Max Entertainment and BEPL, which could have created a USD 10 billion media entity. If the Sony-Zee merger was completed, the combined entity would have owned over 70 TV channels, two video streaming services -- ZEE5 and Sony LIV -- and two film studios -- Zee Studios and Sony Pictures Films India -- making it the largest entertainment network in the country.

Sony-Zee merger case: Sony says disappointed with Singapore emergency arbitrator's decision

Mumbai, The National Company Law Tribunal (<keyword id="6355809" type="General" weightage="100" keywordseo="nclt" source="Orion">NCLT</keyword>) on Thursday allowed the merger of <keyword id="174248" type="General" weightage="50" keywordseo="zee-entertainment-enterprises-ltd" source="Orion">Zee Entertainment Enterprises Ltd</keyword> and Culver Max Entertainment (earlier known as <keyword id="3205208" type="General" weightage="50" keywordseo="sony-pictures-networks" source="Orion">Sony Pictures Networks</keyword> India). This order by the Mumbai bench, headed by H V Subba Rao and Madhu Sinha, will pave the way for the creation of a USD 10-billion media company, the biggest in the country. The tribunal also dismissed all objections regarding the merger. The NCLT, on July 11, had reserved its order on the merger after hearing objections from several creditors. It heard arguments from creditors, including Axis Finance, JC Flower Asset Reconstruction Co, IDBI Bank, Imax Corp and IDBI Trusteeship. In December 2021, <keyword id="51166" type="General" weightage="80" keywordseo="zee-entertainment" source="Orion">Zee Entertainment</keyword> and Sony Pictures agreed to merge their businesses. Both media houses approached the tribunal for sanctioning the merger after obtaining permissions from National Stock Exchange, BSE and sectoral regulators such as the Competition Commission of India and the Securities and Exchange Board of India. However, the process stopped at the tribunal when a few creditors raised objections. Several creditors of Essel Group raised objections against the non-compete clause added to the scheme. NSE and BSE had informed the Mumbai bench of NCLT about two orders related to the Essel Group entities, where the promoters allegedly diverted funds from the listed entity for the benefit of their associate entities. This also included the <keyword id="6408660" type="General" weightage="50" keywordseo="securities-appellate-tribunal" source="Orion">Securities Appellate Tribunal</keyword> (SAT) order against Punit Goenka barring him from holding a directorial position in any listed company. SAT upheld Sebi the Securities and Exchange Board of India's (Sebi's) interim order which restrained both Zee Entertainment promoters Subhash Chandra and Punit Goenka from holding board positions in public listed companies for a year on account of alleged fund diversion. According to the creditors objecting to the merger, the order has a direct bearing as one of the integral parts of the scheme of merger is the appointment of Goenka as the Managing Director of the merged entity. As there is a regulatory bar on Goenka holding such positions, the merger shouldn't go through, they submitted.

NCLT approves Zee-Sony merger, paves way for creation of USD 10 bn media giant

<ul><li><keyword id="20068359" type="General" weightage="20" keywordseo="zee-entertainment" source="keywords">Zee Entertainment</keyword> has backed out from a $ 1.4 billion licensing agreement with <keyword id="19976118" type="General" weightage="20" keywordseo="disney-star" source="keywords">Disney Star</keyword> for the TV broadcast right for cricket matches.</li><li>This is reportedly a fallout of collapse of its merger deal with <keyword id="19914172" type="General" weightage="20" keywordseo="sony" source="keywords">Sony</keyword>.</li><li>Sony Corporation had on Monday announced the termination of the $ 10 billion merger.</li></ul> Zee Entertainment has backed out from a $ 1.4 billion licensing agreement with Disney Star for the TV broadcast right for cricket matches as a fallout of collapse of its merger deal with Sony, according to industry sources. Zee Entertainment Enterprises Ltd (<keyword id="20115912" type="General" weightage="20" keywordseo="zeel" source="keywords">ZEEL</keyword>), which has already missed the first instalment of around $ 200 million, will not move ahead, industry sources told PTI. The instalment to be paid to Disney Star was part of the $ 1.5 billion investment committed by Sony Group after its merger with ZEEL, said another industry source while confirming the development. Sony Corporation had on Monday announced the termination of the $ 10 billion merger agreement with ZEEL, while seeking $ 90 million for breach of conditions besides initiating arbitration. As per the merger agreement between ZEEL and Sony, the Japanese entity was supposed to invest $ 1.575 billion in the merged entity and have a majority stake. There were no immediate comments from ZEEL over the development. Three days after Sony called off the deal, ZEEL MD &amp; CEO <keyword id="20130441" type="General" weightage="20" keywordseo="punit-goenka" source="keywords">Punit Goenka</keyword> addressed a townhall meeting of around 3,000 employees across the globe, in which he asked them to move forward and chase new opportunities. "Our industry is witnessing rapid changes, and these winds of change are giving us a new shape. We have to mould ourselves to be well-positioned in order to capitalise on the opportunities coming our way. We have been leaders over the last 3 decades and have delivered value to our stakeholders, year on year," he said. On August 30, 2022, ZEEL had announced entering into a strategic licensing agreement with Disney Star for television broadcasting rights of the ICC Men's and Under-19 global events for a period of four years. Disney Star will continue to exclusively stream all ICC tournaments through its digital platform Disney+ Hotstar, a joint statement had said. This was done with the in-principle approval from the International Cricket Council (ICC). Disney Star bagged the broadcast rights of all ICC events for four years from 2024 to 2027 for the Indian market from the sport's global governing body. As per the agreement, ZEEL was supposed to have exclusive television rights for ICC men's events, including the ICC Men's T20 World Cup, which will be played in 2024 and 2026, ICC Men's Champions Trophy (2025), and the ICC Men's Cricket World Cup (2027), along with key ICC U-19 events, it said. ZEEL on Wednesday approached the National Company Law Tribunal (NCLT) to get Sony to honour a $ 10 billion merger deal. Sony had resisted the demand by Subhash Chandra's son Punit Goenka, who was investigated by Sebi over fraud allegations, to stay on after the merger. It has also initiated appropriate legal actions to contest the claims of $ 90 million (Rs 748.5 crore) filed by Sony Group before the Singapore International Arbitration Centre (SIAC). SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank">OnePlus 12 vs OnePlus 12R – What distinguishes the two new smartphones</a> <a href="https://www.businessinsider.in/business/auto/news/rolls-royce-spectre-rolls-out-as-indias-most-expensive-electric-car/articleshow/107051636.cms">Rolls Royce Spectre rolls out as India’s most expensive electric car</a> <a href="https://www.businessinsider.in/tech/news/global-pc-shipments-decline-for-the-eighth-straight-quarter-hopes-pinned-on-ai-to-drive-sales/articleshow/106981182.cms">Global PC shipments decline for the eighth straight quarter; hopes pinned on AI to drive sales</a>

Zee Entertainment backs out from $1.4 bn deal with Disney Star

The National Company Law Appellate Tribunal on Friday stayed the insolvency proceedings against media major <keyword id="174248" type="General" weightage="20" keywordseo="Zee-Entertainment-Enterprises-Ltd" source="Orion">Zee Entertainment Enterprises Ltd</keyword> (ZEEL). Admitting a plea by ZEEL Managing Director and chief executive <keyword id="599253" type="General" weightage="20" keywordseo="punit-goenka" source="Orion">Punit Goenka</keyword>, a two-member NCLAT bench stayed the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT). On Wednesday, NCLT admitted an insolvency plea against ZEEL by private sector lender IndusInd Bank and also appointed Sanjeev Kumar Jalan as the resolution professional in the matter. On Friday, NCLAT issued a notice to IndusInd Bank and the resolution professional directing them to file a reply and listed the matter on March 29 for final disposal. The matter pertains to a default of Rs 89 crore by Zee Group's multisystem operator arm Siti Networks claimed by IndusInd Bank, for which ZEEL was a guarantor. The private sector lender has also filed a separate insolvency petition against Siti Networks at NCLT. The tribunal has appointed Mohit Mehra as the resolution professional in this matter. The development comes at a time when ZEEL is in the advanced stages of merging with Culver Max Entertainment (Sony) in one of the biggest deals in the media and entertainment sector. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/sri-lanka-okays-adanis-usd-442-millon-wind-power-plants-in-mannar-and-pooneryn/articleshow/98207081.cms">Sri Lanka okays Adani's USD 442-millon wind power plants in Mannar and Pooneryn</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/what-to-expect-at-this-years-mobile-world-congress-2023/articleshow/98205888.cms">MWC 2023: Here's what to expect at this year’s Mobile World Congress</a>

NCLAT stays insolvency proceedings against Zee

<ul><li>The deal, announced in September last year, has received the <keyword id="139820" type="General" weightage="80" keywordseo="competition-commission" source="Orion">Competition Commission</keyword> of <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>'s nod. </li><li>The deal remains subject to applicable regulatory and other approvals, <keyword id="353090" type="General" weightage="80" keywordseo="zeel" source="Orion">ZEEL</keyword> said.</li><li>The combined entity will own over 70 TV channels, 2 video streaming services (ZEE5 and <keyword id="6358540" type="General" weightage="100" keywordseo="sony" source="Orion">Sony</keyword> LIV) and two film studios (<keyword id="3415325" type="General" weightage="50" keywordseo="zee-studios" source="Orion">Zee Studios</keyword> and Sony Pictures Films India). </li></ul> The Competition Commission on Tuesday gave its conditional approval to the mega-merger deal between Sony and <keyword id="6372205" type="General" weightage="80" keywordseo="zee" source="Orion">Zee</keyword> that will create one of the largest media groups in the country. The deal, announced in September last year, has received the Competition Commission of India's nod after the regulator accepted "voluntary remedies" proposed by the parties, sources close to the development said. In a tweet, the watchdog said it has cleared the deal with certain modifications. CCI said it has approved the "amalgamation of <keyword id="1417408" type="General" weightage="50" keywordseo="zee-entertainment-enterprises-limited" source="Orion">Zee Entertainment Enterprises Limited</keyword> (ZEEL) and Bangla Entertainment Private Limited (BEPL) with Culver Max Entertainment Private Limited (<keyword id="55015" type="General" weightage="80" keywordseo="cme" source="Orion">CME</keyword>), with certain modifications". Details about the proposed modifications could not be immediately ascertained. CCI had issued show cause notices to the parties after it initially concluded that the deal could have an adverse impact on competition, the sources said. Subsequently, the parties proposed voluntary remedies, which have been accepted by the regulator, they added. ZEEL said CCI has granted the approval in phase-1 after evaluating the official legal and economic submissions made by the company. Most of the deals get cleared by CCI in phase-1 and only if there are serious concerns then the deal concerned is put up for public scrutiny under phase 2. "Considering the immense value which the proposed merger will generate for all its stakeholders, the company has offered the necessary remedies in accordance with the regulator's guidelines," ZEEL said, adding that further details are awaited. On September 7, the National Company Law Tribunal (NCLT) had advised the company to convene and conduct the meeting with its shareholders on October 14 to seek their approval for the proposed merger. The deal remains subject to applicable regulatory and other approvals, ZEEL said. In a separate statement, Sony Pictures Networks India said it is delighted to receive CCI approval for the merger. "We will now await remaining regulatory approvals to finally launch the new merged company. The merged company will create extraordinary value for Indian consumers and eventually lead the consumer transition from traditional pay TV into the digital future," it said. Culver Max Entertainment Private Limited was earlier known as Sony Pictures Networks India Pvt Ltd. Deals beyond certain thresholds require the approval of CCI, which keeps a tab on unfair business practices and also promotes fair competition in the marketplace. Both parties had entered into a definitive agreement for the deal in December last year and the proposed merger has already received approval from stock exchanges NSE and BSE. ZEEL, in September 2021, said it has entered into a non-binding term sheet with SPNI to bring together their linear networks, digital assets, production operations and programme libraries. The combined entity will own over 70 TV channels, 2 video streaming services (ZEE5 and Sony LIV) and two film studios (Zee Studios and Sony Pictures Films India), making it the largest entertainment network in India, ZEEL said in September last year. Under the deal, there will be amalgamation of ZEE and BEPL with CME. Besides, preferential allotment of certain shares will be made by CME to Sunbright International Holdings Limited, earlier known as Essel Holdings Limited, and Sunbright Mauritius Investments Limited, according to a release issued by CCI. CME is an indirect wholly-owned subsidiary of Sony Group Corporation (SGC). CME has several general entertainment channels, film, sports and kids' entertainment channels in India. SonyLIV is CME's digital entertainment video service which provides OTT services in India and international markets. CME reaches out to over 700 million viewers in India and is available in 167 countries. BEPL is an indirect wholly-owned subsidiary of SGC and a part of the SGC Group. It is broadly engaged in the acquisition of rights for motion pictures, events and other TV cont ent; and in generating advertising revenue from the telecast of TV content. ZEE is a media and entertainment company, with presence across the segments of broadcasting, digital content, movies, music and live entertainment, spread over 190 countries, as per the release. ZEE5 is the company's digital entertainment video service which provides OTT services in India and international markets. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-to-begin-beta-trial-of-5g-in-four-cities-on-dussehra-with-unlimited-data/articleshow/94645577.cms">Reliance Jio to begin beta trial of 5G in four cities on Dussehra with unlimited data</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/with-950-billionaires-asia-outnumbers-all-other-regions-forbes/articleshow/94644883.cms">With 950 billionaires, Asia outnumbers all other regions: Forbes</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/15-ott-releases-to-watch-this-festive-season-starring-madhuri-dixit-hasan-minhaj-and-more/articleshow/94640843.cms">15 OTT releases to watch this festive season starring Madhuri Dixit, Hasan Minhaj and more</a>

Competition Commission gives conditional approval to Sony-Zee merger deal

<ul><li><keyword id="51166" type="General" weightage="20" keywordseo="zee-entertainment" source="Orion">Zee Entertainment</keyword> has declined to hold an <keyword id="176309" type="General" weightage="20" keywordseo="egm" source="Orion">EGM</keyword> despite the company law court asking its board to consider the demand.</li><li>Zee Entertainment’s board unanimously rendered the requisition as invalid on grounds that it suffers from ‘multiple’ legal imperfections.</li><li>Post the development, Zee Entertainment’s stock price fell about 3% in trade to ₹294.30 per share, as of 3:30 p.m. on Friday.</li></ul>Zee Entertainment Enterprises Ltd., which has been locked in a tussle with its largest shareholder, has declined to hold an extraordinary general meeting (EGM) despite the company law court asking its board to consider the demand, as per a stock exchange filing on Friday. “Accordingly, in the best interests of the company as a whole, including all its shareholders and stakeholders, we express our inability to convene the EGM on the lines requisitioned by you,” the company said in reply to the requisitions made by <keyword id="365425" type="General" weightage="20" keywordseo="invesco" source="Orion">Invesco</keyword> in its September 11 and September 23 letters. The US-based Invesco Developing Markets Fund and OFI Global China Fund, together, hold 17.88% in Zee Entertainment. The development comes a day after the Mumbai bench of the National Company Law Tribunal (<keyword id="6355809" type="General" weightage="20" keywordseo="nclt" source="Orion">NCLT</keyword>) directed the board of Zee to consider Invesco’s requisition to hold an EGM before October 3. The next NCLT hearing on the matter is scheduled on Monday. In a meeting on Friday, which was not attended by <keyword id="599253" type="General" weightage="20" keywordseo="punit-goenka" source="Orion">Punit Goenka</keyword>, managing director and chief executive at Zee Entertainment, its board unanimously rendered the requisition as invalid on grounds that it suffers from ‘multiple’ legal imperfections, the company said. Post the development, Zee Entertainment’s stock price fell about 3% in trade to ₹294.30 per share, as of 3:30 pm on Friday. <div type="image" title="Zee Entertainment falls nearly 3% in trade as board refuses to hold EGM" msid="86678606" hostid="261"></div> Simply put, Zee Entertainment’s board has been locked in a battle with its investors-- Invesco and OFI, as they requested for the removal of Goenka, along with Ashok Kurien and Manish Chokhani, from the position of directors at the company, citing issues with corporate governance. Later, on September 23, Kurien and Chokhani resigned citing personal reasons. The funds had also asked for appointment of six new independent directors to the company’s board. Meanwhile, Zee went ahead and announced the company’s merger with Sony Pictures Networks India on September 22. Based on disclosures filed with exchanges, Sony will hold a majority stake of 52.93% in the merged entity and infuse growth capital of about $1.6 billion once the deal closes. Zee shareholders, post the deal, will hold the balance 47.07% in the merged entity. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/ritesh-agarwal-led-oyo-files-preliminary-papers-for-its-1-2-billion-ipo/articleshow/86674003.cms">Ritesh Agarwal-led OYO files preliminary papers for its $1.2 billion IPO</a> <a href="https://www.businessinsider.in/business/corporates/news/heres-why-paras-defence-and-space-tech-got-the-best-listing-post-ipo-this-year/articleshow/86674479.cms">Paras Defence &amp; Space Technologies makes space cameras and it just made the best listing post-IPO this year</a> <a href="https://www.businessinsider.in/india/news/from-increased-premium-payments-to-getting-seven-midnight-calls-users-vent-on-social-media-against-rbis-new-auto-debit-rules/articleshow/86673532.cms">From increased premium payments to getting seven midnight calls, users vent on social media against RBI’s new auto-debit rules</a>

Zee Entertainment falls nearly 3% in trade as board refuses to hold EGM

<ul><li>Zee CEO has released an official statement, continuing the Zee-Invesco saga.</li><li>Goenka has questioned whether corporate governance does not apply to institutional investors.</li><li>He highlighted the imbalance that he observed in the valuation by <keyword id="365425" type="General" weightage="20" keywordseo="invesco" source="Orion">Invesco</keyword>.</li></ul>Firing a fresh salvo in the public brawl between <keyword id="51166" type="General" weightage="20" keywordseo="zee-entertainment" source="Orion">Zee Entertainment</keyword> and US-based fund Invesco, the company’s Chief Executive Officer and Managing Director <keyword id="599253" type="General" weightage="20" keywordseo="punit-goenka" source="Orion">Punit Goenka</keyword> has issued his first official statement. Invesco is the largest shareholder of Zee with a 17.88% stake. Goenka said that the key reason to present the series of communications exchanged with Invesco was to bring the truth out in the interest of the shareholders. Earlier last week, Zee Entertainment and Essel Group’s founder Subhash Chandra Goenka had <a href="https://twitter.com/ZeeNewsEnglish/status/1445350870556704771">cast aspersions</a> on the intentions of Invesco, asking if they had cut a deal with another company. Later, <a href="https://www.businessinsider.in/business/corporates/news/invesco-reveals-it-proposed-zees-merger-with-reliance-suggests-that-the-company-left-money-on-the-table-in-sony-merger/articleshow/86984896.cms">Invesco revealed</a> that it had facilitated merger discussions with Reliance. The latter said it backed off after clashes emerged between Zee and Invesco. While Goenka acknowledged that Invesco has been an "extremely strong support" for the company, he added that it pains him to see the relationship going sour. <div type="Article" hostid="261" msid="86984896" title="Invesco reveals it proposed Zee’s merger with Reliance, suggests that the company left money on the table in Sony merger" mstype="2" mssubtype="0"></div> Goenka questions Invesco "During my briefing to the Board, I emphasised on the points pertaining to the proposal from Invesco. My attention was on the imbalance observed in the valuation and how it was not in the best interest of our shareholders. The only reason I did not agree to the proposal was because the shareholder value was getting compromised," Punit Goenka said in his <a href="https://economictimes.indiatimes.com/industry/media/entertainment/zee-ceo-punit-goenka-says-disappointed-with-the-way-current-situation-is-unfolding/articleshow/87017964.cms">statement</a>. As per Goenka, Invesco’s deal would have led to a loss of ₹10,000 crore for the shareholders of the company. Invesco had earlier this week <a href="https://www.businessinsider.in/business/corporates/news/invesco-reveals-it-proposed-zees-merger-with-reliance-suggests-that-the-company-left-money-on-the-table-in-sony-merger/articleshow/86984896.cms">written</a> a letter to the company’s minority shareholders, alleging that the proposed merger with Sony Pictures Networks would benefit the promoter family while hurting the company’s minority shareholders. Questioning Invesco, Goenka said, “Our lawyers will do the needful in the court of law, as deemed necessary. But on a personal note, I have some questions as well. Why didn’t Invesco make its plans public earlier? Does good corporate governance only apply to corporates and not their institutional investors?". The Bombay High Court is scheduled to hear the plea by Zee on October 21 and the National Company Law Tribunal (NCLT) hearing is scheduled for October 22. "It is all about increasing the value of that coin together, for the betterment of all the shareholders and the Company at large," he added. What Sony is getting from the Zee-Sony merger According to the specifics of the deal announced by Sony Pictures Networks, it will be the majority shareholder in the merged entity, with a stake of 52.93%, while Zee shareholders will hold a 47.07% stake. Sony Pictures will also infuse $1.6 billion (approx. ₹12,000 crore) in the merged entity to fund its future growth. In contrast, Zee Entertainment revealed that Invesco’s proposal would value the shareholding at ₹21,129 crore, at a price of ₹220 per share. In comparison, at the time of the announcement of Zee-Sony merger, Zee’s shares were trading at ₹337 (September 22) and the shares are currently trading at ₹317. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/invesco-reveals-it-proposed-zees-merger-with-reliance-suggests-that-the-company-left-money-on-the-table-in-sony-merger/articleshow/86984896.cms">Invesco reveals it proposed Zee’s merger with Reliance, suggests that the company left money on the table in Sony merger</a> <a href="https://www.businessinsider.in/stock-market/markets/news/zee-entertainment-falls-nearly-3-in-trade-as-board-refuses-to-hold-egm/articleshow/86678219.cms">Zee Entertainment falls nearly 3% in trade as board refuses to hold EGM</a> <a href="https://www.businessinsider.in/business/corporates/news/zee-sony-merger-heres-what-sony-is-really-getting-from-zee-entertainment/articleshow/86420990.cms">Zee-Sony merger: Here’s what Sony is really getting from Zee Entertainment</a>

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