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Zee moves to NCLT for Sony merger; Japanese firm opposes
The Business Guardian
|January 26, 2024
Zee Entertainment, led by media tycoon Subhash Chandra, has taken the matter to a corporate disputes tribunal, seeking Sony's adherence to a $10 billion merger agreement. Despite the failed merger, the Japanese media giant remains committed to thriving in the Indian market.
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Days before the Sony Group pulled the plugs on the merger following a stalemate over who will lead the merged entity, Zee group founder Chandra had written to the Finance Minister Nirmala Sitharaman, blaming market regulator Sebi for trying to "scuttle" the deal by slapping notices right in the middle of negotiations in a case of relating to alleged fund diversion by Zee promoters.
Sony had resisted the demand by Zee Chief Executive and Chandra's son Punit Goenka, who was investigated by Sebi over fraud allegations, to stay on after the merger.
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