Zee Entertainment Enterprises Limited has approached the National Company Law Tribunal (NCLT) in Mumbai to implement a $10 billion merger scheme with Sony Pictures Network India.

The merger scheme between the 2 had been introduced on December 22, 2021, however was called off by Sony Pictures just lately.

Zee, nevertheless, has sought enforcement of the scheme, which the tribunal had permitted in August 2023, regardless of opposition from collectors like Axis Finance, JC Flower Asset Reconstruction Co, IDBI Bank, Imax Corp and IDBI Trusteeship.

On January 22, 2024, Sony Pictures Networks India (now generally known as Culver Max Entertainment) issued a discover to Zee terminating the merger.

Sony referred to as off the merger after claiming that the 2 sides couldn’t attain an settlement inside a deadline that was set in December 2021.

In a disclosure earlier than the Bombay Stock Exchange, Zee claimed to have replied to the termination discover, particularly denying any breach of its obligations. It reiterated its compliance with its obligations in good religion.

“Culver Max and Bangla Entertainment Pvt Ltd (BEPL) is in default of their obligations to give effect to and implement the Scheme, sanctioned by the NCLT. The Company has called upon Culver Max and BEPL to immediately withdraw the termination and confirm that they will perform their obligations to give effect to and implement the Merger Scheme, sanctioned by NCLT,” the disclosure said.

Zee accordingly filed a petition earlier than NCLT Mumbai in search of instructions to implement the merger scheme.

The petition is but to be lastly numbered by the NCLT Registry and can be listed for listening to in the end.

Zee has additionally initiated acceptable authorized motion to contest claims made by Culver Max in arbitration proceedings earlier than the Singapore International Arbitration Centre (SIAC).

A group from Cyril Amarchand Mangaldas (CAM) headed by Managing Partner Cyril Shroff and Partners L Vishwanathan and Indranil Deshmukh is representing Zee.