Mumbai: ZEE Entertainment Enterprises Ltd. (ZEE), Culver Max Entertainment Pvt. Ltd. (CMEPL), operating as Sony Pictures Networks India (SPNI), and its group company Bangla Entertainment Pvt. Ltd. (BEPL) have reached a comprehensive non-cash settlement, amicably resolving all disputes related to their Merger Co-operation Agreement and Composite Scheme of Arrangement.
As part of this settlement, the companies have agreed to withdraw all mutual claims from ongoing arbitration at the Singapore International Arbitration Centre and from related legal proceedings in the National Company Law Tribunal (NCLT) and other forums. They will also retract their respective Composite Schemes of Arrangement from the NCLT and notify the relevant regulatory authorities.
The settlement concludes all disputes, with no outstanding obligations or liabilities between the parties. This agreement allows the companies to independently pursue future growth with renewed focus, reflecting a mutual commitment to navigating the evolving media and entertainment landscape.
The merger deal between Sony and ZEE, entered in December 2021 was called-off by Sony in Januraey 2024 due to inability to conclude the deal from both the sides. Subsequently both the parties resorted to legal options accusing each other for the failure. The amicable settlement was welcomed by the market with 13% incrase in share value of Zee.
