Press Release27 Aug 2024, 08:01 pm
ZEE Entertainment, Sony Pictures Networks India and Bangla Entertainment Reach Settlement on Merger Disputes
AI Summary
ZEE Entertainment Enterprises Ltd., Culver Max Entertainment Pvt. Ltd. (operating as Sony Pictures Networks India) and Bangla Entertainment Pvt. Ltd. have reached a comprehensive non-cash settlement, amicably resolving all disputes related to the Merger Co-operation Agreement and the Composite Scheme of Arrangement. The companies have agreed to withdraw all respective claims against each other in the ongoing arbitration at the Singapore International Arbitration Centre and all related legal proceedings initiated in the National Company Law Tribunal and other forums. The settlement stems from a mutual understanding between the companies to independently pursue future growth.
Key Highlights
- ZEE Entertainment, Sony Pictures Networks India and Bangla Entertainment reach a comprehensive settlement to conclude all disputes related to Merger Co-operation Agreement & Scheme of Arrangement
- Withdrawal applications to be filed by the companies before the Singapore International Arbitration Centre, NCLT and all relevant regulatory authorities
- No outstanding or continuing obligations or liabilities to each other after the settlement
- Settlement stems from a mutual understanding between the companies to independently pursue future growth