Discussion Sony officially announces termination of Zee merger

[Aksgr]

Zee promoters plan to increase stake to 26%, asks investors to have 'patience': Report

Zee has now approached the National Company Law Tribunal, seeking further directions on implementing the merger.

www-cnbctv18-com.cdn.ampproject.org

 

[Aksgr]

Ok this is funny

'I'm considering criminal case against Sony': Subhash Chandra on failed Zee deal

Zee's tiff with Sony started soon after Sebi in June said that Goenka and his father, Chandra, had “abused their position” and siphoned off funds “for their own benefit.”

www.businesstoday.in

 

[Ajay.]

ET Exclusive: Zee will sue Sony; promoter family to hike holding in Zee by 5 per cent, says Subhash Chandra - The Economic Times

Punit Goenka and the family collectively decided he should step aside, and the merger should proceed because it was beneficial for Zee. This decision was communicated to Sony. It wasn't acceptable to Sony. I believe this was Sony's strategy all along: To engage with Zee and eventually withdraw...

m.economictimes.com

 

[Aksgr]

https://www.reuters.com/business/media-telecom/sony-scrapped-10-bln-india-merger-zee-failed-meet-financial-terms-notice-2024-01-29/

 

[Ajay.]

Zee-Sony merger deal fallout: Emergency arbitration to be held in Singapore

Zee-Sony merger deal fallout: Hearing for an Emergency arbitration in the Zee Entertainment - Sony merger will take place in Singapore tomorrow

www.livemint.com

 

[vikhyath]

Zee Vs Sony: Emergency arbitration in Singapore, hearing tomorrow

Zee Entertainment has called Sony's demand for $90 million in termination fees legally untenable and has also denied the breach of merger agreement in response to Sony.

www.cnbctv18.com

 

[DreamDTH]

The aftermath of the terminated merger has also led Sony Group Corp to approach the Singapore International Arbitration Centre (SIAC) for emergency arbitration.

NCLT to hear Zee Entertainment’s plea for Sony merger implementation on March 12

 

[Ajay.]

NCLT Seeks Response From Sony In Plea to Implement $10 Billion Zee-Sony Merger

The National Company Law Tribunal has granted three weeks to Sony Pictures Pvt Ltd to file its reply to the application seeking to implement the $10 Billion merger between Zee and Sony. A bench comprising Judicial Member Lakshmi Gurang and Chiranjeet Singh Gulati was hearing an application...

lawbeat.in

 

[StoriesWithPK]

https://www.reuters.com/markets/deals/sony-zee-clashed-over-russia-assets-cricket-deal-before-india-deal-collapse-2024-01-31/

Sony and Zee disagreed over more than 20 compliance issues, including the Indian firm's failure to dispose of some Russian assets and its $1.4 billion Disney cricket rights deal, before their India merger was scrapped.

It seems like Zee purchased ICC TV rights without written consent from Sony.

Wow. 12-year-olds run Zee.

 

[Lurie]

https://www.reuters.com/markets/deals/sony-zee-clashed-over-russia-assets-cricket-deal-before-india-deal-collapse-2024-01-31/

Sony and Zee disagreed over more than 20 compliance issues, including the Indian firm's failure to dispose of some Russian assets and its $1.4 billion Disney cricket rights deal, before their India merger was scrapped.

It seems like Zee purchased ICC TV rights without written consent from Sony.

Wow. 12-year-olds run Zee.

What did executives of Zee think about while granting loan of $3.3 million to an entity in India without clear repayment clause or launching a channel in South Africa or when signing cricket deals with Disney while the merger process is going on? All these were done without informing Sony. This is not ethical.