Not aware of Sony board meeting; committed to merger: ZEEL
In its reply to BSE, ZEEL has said that it is continuing to work towards a successful closure of the proposed merger
Minutes after the BSE sought clarification from ZEE on a news report, the media company said that it was not aware of the Sony board meeting to discuss the merger.
In the reply to BSE, ZEEL also said that it is committed to the merger with Sony.
“In this regard, we would to clarify that the Company is not aware and cannot comment on any board meeting held or proposed to be held by Culver Max Entertainment Private Limited (formerly Sony Pictures Networks India Private Limited) (“Sony”), given that these are internal matters of Sony.
“We wish to reiterate that the company is committed to the merger with Sony and is continuing to work towards a successful closure of the proposed merger and is engaging in good faith negotiations with Sony with a view to discuss the extension of the date required to make the Scheme effective, by a reasonable period of time.
“We would also like to state that the Company has always complied with the obligations under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and will continue to make disclosures in accordance with the same. We hope the above clarifies the matter,” it said.
The Bombay Stock Exchange had sought clarification from Zee Entertainment Enterprises Ltd (ZEEL) regarding a news report which mentioned that Sony’s board will be taking a call on the merger today.
In a notification on its website, BSE said: “The Exchange has sought clarification from Zee Entertainment Enterprises Ltd on January 19, 2024, with reference to news appeared in www.business-standard.com dated January 19, 2024 quoting -Sony Board to take call on $10 billion merger with Zee Entertainment today.”
This development comes ahead of the January 20 deadline for the merger deal.
