ED conducts searches at Essel Group's office in Mumbai: Report

Enforcement Directorate conducted searches at the Essel Group Continental office on January 24 in Mumbai, according to an ET Now report.

Sources told ET Now that offices operate from the building premises include Zee Media, Zee Learn, Mount Litera Edu Foundation, Essel Homes and Essel Infra & Housing.

Zee Entertainment on Wednesday approached the National Company Law Tribunal against Sony's decision to call off the proposed merger.

Besides, it has also initiated appropriate legal action to contest Sony's claims of USD 90 million (around Rs 748.5 cr) as a termination fee, for which the Japanese firm has moved the Singapore International Arbitration Centre (SIAC).

Almost a week before the termination of the $10 billion media merger, Essel Group Chairman Subhash Chandra penned a letter to Finance Minister Nirmala Sitharaman accusing SEBI of acting with a predetermined mindset to scuttle the merger deal.

Culver Max Entertainment (CME), erstwhile Sony Pictures Networks India, on January 22 issued notice to Zee Entertainment Enterprises (ZEEL) terminating the merger agreement dated December 22, 2021.

The termination came after a deadlock between the firms regarding the leadership of the combined entity. Sony had reportedly objected to the condition in the term sheet to appoint Zee CEO Punit Goenka as CEO of the merged company amid an investigation into his conduct by India’s capital markets regulator.

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