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Zee chooses growth over litigation
The New Indian Express
|April 17, 2024
Withdraws petition against Sony for backing off from merger deal
ZEE group on Tuesday withdrew its petition against the Japanese major Sony Corp for calling off the $10-billion worth merger proposal from the Mumbai bench of the National Company Law Tribunal to "better serve shareholders' interest".
In a statement, Zee said its board has decided to withdraw the petition against Sony following legal advice and reviewing the action-oriented steps implemented by the management. "The board has advised the management to withdraw the petition in the interest of shareholders," the statement said, but added that they will be aggressively pursuing their claims in the Singapore International Arbitration Centre from Sony, which includes a $90 million in damages from Sony.
This story is from the April 17, 2024 edition of The New Indian Express.
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