<p> Mumbai: The National Company Law Tribunal (NCLT) on Tuesday admitted a fresh petition filed by a Zee Entertainment Enterprises Ltd shareholder seeking enforcement of the now-cancelled merger deal between ZEEL and Sony.</p>.<p> The Mumbai bench of NCLT also directed Sony Pictures Network India, now known as Culver Max, to file a reply within three weeks and fixed the next date of hearing on March 12.</p>.<p> On January 21, Sony Group Corp (SGC), the Japanese parent company of Sony Picture Network India (SPNI) and BEPL, announced the termination of the $10 billion merger agreement with ZEEL, while seeking $90 million for breach of conditions besides initiating arbitration.</p>.<p> The latest NCLT notice came on a petition filed by Mad Men Film Ventures, a shareholder of ZEEL.</p>.<p> Mad Men Film Ventures earlier sent an application requesting both ZEEL and Sony to implement the merger deal as it was approved by the NCLT in August 2023.</p>.ZEE-Sony merger: NCLT issues notice to Sony to file reply in 3 weeks.<p> Shyam Kapadia, counsel to the ZEEL shareholder, informed the tribunal that his client had sent the application to Sony on December 5, 2023.</p>.<p> However, Sony has not yet filed a response, he said.</p>.<p>"From media reports it appears that there was a dispute between ZEE and Sony on who would lead the resulting company post the merger, even though the scheme of arrangement (merger) clarified who would head the merger," he said.</p>.<p> Darius Khambata, who represented Sony, urged the tribunal to dismiss the Mad Men Film Ventures' plea saying that it was not maintainable.</p>.<p>"It is crystal clear, not only from the application, but also from the affidavit we received yesterday from the shareholder, that he was nothing but a proxy for ZEE," he argued.</p>.<p> One of the main clauses of the scheme of arrangement states that the merger was conditional upon the satisfaction of certain conditions precedent in a separate contract between Zee and Sony, he said.</p>.<p>"The scheme is entirely a conditional one and expressly some of the conditions have not been met," Khambata said.</p>.<p> The tribunal rejected his arguments and fixed the next date of hearing on March 12. </p>
<p> Mumbai: The National Company Law Tribunal (NCLT) on Tuesday admitted a fresh petition filed by a Zee Entertainment Enterprises Ltd shareholder seeking enforcement of the now-cancelled merger deal between ZEEL and Sony.</p>.<p> The Mumbai bench of NCLT also directed Sony Pictures Network India, now known as Culver Max, to file a reply within three weeks and fixed the next date of hearing on March 12.</p>.<p> On January 21, Sony Group Corp (SGC), the Japanese parent company of Sony Picture Network India (SPNI) and BEPL, announced the termination of the $10 billion merger agreement with ZEEL, while seeking $90 million for breach of conditions besides initiating arbitration.</p>.<p> The latest NCLT notice came on a petition filed by Mad Men Film Ventures, a shareholder of ZEEL.</p>.<p> Mad Men Film Ventures earlier sent an application requesting both ZEEL and Sony to implement the merger deal as it was approved by the NCLT in August 2023.</p>.ZEE-Sony merger: NCLT issues notice to Sony to file reply in 3 weeks.<p> Shyam Kapadia, counsel to the ZEEL shareholder, informed the tribunal that his client had sent the application to Sony on December 5, 2023.</p>.<p> However, Sony has not yet filed a response, he said.</p>.<p>"From media reports it appears that there was a dispute between ZEE and Sony on who would lead the resulting company post the merger, even though the scheme of arrangement (merger) clarified who would head the merger," he said.</p>.<p> Darius Khambata, who represented Sony, urged the tribunal to dismiss the Mad Men Film Ventures' plea saying that it was not maintainable.</p>.<p>"It is crystal clear, not only from the application, but also from the affidavit we received yesterday from the shareholder, that he was nothing but a proxy for ZEE," he argued.</p>.<p> One of the main clauses of the scheme of arrangement states that the merger was conditional upon the satisfaction of certain conditions precedent in a separate contract between Zee and Sony, he said.</p>.<p>"The scheme is entirely a conditional one and expressly some of the conditions have not been met," Khambata said.</p>.<p> The tribunal rejected his arguments and fixed the next date of hearing on March 12. </p>