Zee Entertainment Enterprises (ZEE) has decided to withdraw a merger implementation application filed before the Mumbai branch of the National Company Law Tribunal (NCLT).
The application was filed by ZEE on January 24, seeking directions on the implementation of the Composite Scheme of Arrangement between ZEE, Culver Max Entertainment Pvt. Ltd. and Bangla Entertainment Pvt. Ltd.
The company said that the step is based on the advice of the Board after a detailed consultation with the legal experts.
“This decision will also enable the company to pursue growth and evaluate strategic opportunities to generate higher value for all the shareholders,” the company said.
ZEE said the decision to withdraw the application will enable the company to continue to aggressively pursue all its claims against Sony in the ongoing arbitration proceedings at the Singapore International Arbitration Centre (SIAC) and in other fora.
R. Gopalan, Chairman, ZEE, said, “The immediate priority for the company is to focus on performance and achieve its targeted goals for the future. After seeking an independent legal opinion, the Board has advised the management of the company to withdraw the implementation application filed before the NCLT.”
