Sony Will Continue To Arbitrate Against Zee Despite Denial Of Interim Relief By SIAC
SIAC denied interim relief to Sony saying it has no jurisdiction or authority to injunct Zee Entertainment Enterprises Ltd. from approaching the NCLT to implement the merger scheme.
Sony Pictures said it was disappointed by the Singapore emergency arbitrator's decision to deny it interim relief in Zee merger case.
We are disappointed in the decision rendered by the Singapore International Arbitration Centre to deny interim relief to Sony Pictures, Culver Max Entertainment Pvt. said in a statement to NDTV Profit.
The statement comes after SIAC denied interim relief to the media behemoth on Sunday, stating that it has no jurisdiction or authority to injunct Zee Entertainment Enterprises Ltd. from approaching the National Company Law Tribunal to implement the merger scheme.
Sony has said that SIAC's decision is only a procedural one and that it will continue to vigorously arbitrate the matter in Singapore in front of a full tribunal and pursue its right to terminate the merger agreement and seek a termination fee and other remedies.
It further said that it is confident in the merits of its position both in India and Singapore.
Last month, Sony Pictures Networks India, which is now known as Culver Max Entertainment Pvt. Ltd., called off their $10 billion merger deal with Zee Entertainment Enterprises Ltd.
Sony called off the merger, stating that Zee did not meet the conditions precedent, among them financial management and recovery of dues from related parties.
