Sony's Application For Emergency Interim Relief Against Zee Entertainment Denied By SIAC
SIAC denies Sony's emergency relief against Zee Entertainment in merger dispute. NCLT to decide. Sony alleges breach, Zee contests.
The Singapore International Arbitration Centre has denied the application for emergency interim relief by Sony also known as Culver Max Entertainment Ltd. against Zee Entertainment Enterprises Ltd.
The emergency arbitrator has also said that it has no jurisdiction or authority to injunct Zee from approaching the National Company Law Tribunal to implement the merger scheme as the matters fall under the statutory system and are for the NCLT to decide, the company said in an exchange filing on Sunday.
The SIAC is the first Asian arbitration institution to offer this process. In case it had approved the emergency interim relief then an Emergency Arbitrator is appointed within the span of one day.
Sony had initiated the arbitration proceedings alleging that Zee had breached terms of the merger agreement. In response Zee had decided to contest Culver Max and Bangla Entertainment Private Ltd. at the SIAC. Further Zee had also called Sony's demand of $90 million in termination fees legally untenable and it denied the claims by Sony.
