NCLT directs Sony to reply to Zee's merger plea within two weeks

The NCLT Mumbai has instructed Culver Max (formerly Sony Pictures) to respond to Zee Entertainment's application requesting the execution of the Zee-Sony merger scheme.

A corum of judicial member Lakshmi Gurung and technical member Charanjeet Singh Gulati directed Sony Pictures to submit a response to the application within two weeks. The hearing for the matter is scheduled for March 12. 

In August 2023, the Mumbai bench of the NCLT approved the merger scheme, poised to establish a potential $10 billion media entity. Nonetheless, Sony scrapped the agreement in January after encountering numerous delays.

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.

The NCLT has consolidated Zee's plea with that of its shareholder, Mad Man Film Ventures, identified as a proxy for the Indian broadcaster.

Earlier, Mad Man Film Ventures approached NCLT to enforce the merger plan between Sony and Zee.

Senior Advocate Janak Dwarkadas, representing Zee, contended that the jurisdiction to oversee the already sanctioned scheme lies with the NCLT. Hence, Zee filed the current application.

In representation of Sony Pictures, Senior Advocate Darius Khambata informed the tribunal about the company's intention to file an application challenging the admissibility of Zee's petition. He requested that it be heard alongside the present application on the next scheduled date.

Dwarkadas was briefed by a team from Cyril Amarchand Mangaldas (CAM), led by Managing Partner Cyril Shroff and comprising Partners L Vishwanathan and Indranil Deshmukh.

Senior Advocate Gaurav Joshi, briefed by Shardul Amarchand Mangaldas, appeared for Sony Pictures alongside Khambata.

On February 4, the Singapore International Arbitration Centre (SIAC) emergency arbitrator dismissed a request from Culver Max and BEPL (Bangla Entertainment). They had sought an injunction to prevent Zee Entertainment Enterprise (ZEEL) from pursuing any corporate dispute tribunal or NCLT action to enforce the merger terminated by the Indian arm of the Japanese media company.

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