In the National Company Law Tribunal (NCLT) in Mumbai, Culver Max, an Indian subsidiary of the Sony Group, has contested the maintainability of Zee Entertainment’s argument regarding merger enforcement. According to media reports on Friday, the NCLT will hear Sony’s plea as well as additional applications pertaining to the Sony-Zee merger case on March 12.
The Mumbai bench of the NCLT has sent a notice to Zee requesting a response in response to Sony’s plea. The announcement coincides with rumors that the Sony Group has formally withdrawn the documents it had submitted to the NCLT in order to merge with Zee.
According to Bloomberg on Thursday, the Japanese company filed numerous applications with the NCLT to back out of the merger agreement with Zee. Sony announced on January 22 that it had ended its agreement with Zee to create a $10 billion media conglomerate because of unresolved “closing conditions.”
The announcement of a massive agreement between Reliance Industries and The Walt Disney Company this week comes after the collapse of one of the largest media mergers in India.
The $8.5 billion major, which will be organized as a joint venture, was created by the two companies on Wednesday when they announced the merger of their India media businesses. It is going to be the biggest digital and broadcasting company in the nation. Experts predicted that the Reliance-Disney merger would also affect the operations of Sony, Zee, and other major players in the market.
