“We are disappointed,” said Sony Group (now Culver Max Entertainment Pvt Ltd) on Monday after the Singapore International Arbitration Centre (SIAC) denied its plea to restrain Zee Entertainment Enterprises Ltd (ZEEL) from approaching NCLT to enforce the merger that was called off.
In a statement, Sony said, “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 also said that it will vigorously fight it out in the SIAC, Sony’s right to terminate the merger agreement.
“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,” said the Japanese company’s Indian arm.
ZEEL had on Sunday informed the stock exchanges about the SIAC’s decision to deny Sony’s plea due to lack of jurisdiction to pass such an order.
Sony terminated the much-awaited $10 billion merger with ZEEL last month and initiated arbitration against the company, seeking a termination fee of $90 million.