Zee Entertainment Enterprises Ltd. (ZEEL) announced on Wednesday that it has approached the National Company Law Tribunal, Mumbai bench, seeking directions to implement the merger scheme, two days after Japan’s Sony Corporation called off the merger plan.
The company said it has started the proper legal action to refute Culver Max and BEPL’s claims in the arbitration proceedings before the Singapore International Arbitration Centre (SIAC) in a stock exchange filing.
In response to Culver Max and BEPL, “the company specifically denied any breach of its obligations under the MCA (merger co-operation agreement) and reiterated that the company has complied with all its obligations in good faith,” ZEEL stated.
“The claim for termination fee is legally untenable and has no basis whatsoever,” the statement read. “The company has denied that Culver Max and BEPL are entitled to terminate the MCA.”
ZEEL claimed that Sony Arms, Culver Max, and BEPL had failed to carry out the National Company Law Tribunal-approved plan and to give it effect. “ZEEL stated that the company has demanded that Culver Max and BEPL promptly revoke the termination and affirm that they will fulfil their responsibilities to give effect to and carry out the merger plan, approved by the NCLT.”