Zee, Sony settle all disputes; terminate $10-bn deal; share up 13%
The companies have "mutually" agreed to withdraw all respective claims against each other
The companies have "mutually" agreed to withdraw all respective claims against each other
The three-member committee will be headed by former Allahabad High Court judge Dr Satish Chandra and will have Uttam Prakash Agarwal and P V R Murthy as the independent directors.
ZEE says it has been in the process of providing all the comments, information or explanations requested by SEBI
Both companies have reportedly engaged in talks in Mumbai in their last-ditch efforts to save $10 billion
NCLT notice follows SIAC denying Sony’s application for "emergency interim relief"
The development comes almost a week after Sony Group Entities put an end to two-year-long merger negotiations with Zee citing the inability of the latter to fulfill the merger agreement.
Zee says it’ll contest Culver Max, BEPL’s claims of $90 mn in termination fees
Though ZEE has received approvals for the proposed merger with Sony, it had last month sought an extension
The company’s statement comes a day after ZEE sought more time for the proposed merger with Sony Pictures Network India, now known as Culver Max Entertainment Private Limited.
Zee shares fall to an intra-day low of ₹259.10 before recovering losses and settling at ₹278.25, down 2.06% compared to the previous session