Mumbai: In a legal twist, Sony Group’s Indian arm, Culver Max, has launched a vigorous challenge to the legitimacy of Zee Entertainment’s merger plea before the National Company Law Tribunal (NCLT) in Mumbai. Reports emerging on Friday indicate that the NCLT is poised to deliberate on Sony’s challenge alongside other pertinent applications pertaining to the contentious Sony-Zee merger case scheduled for March 12.
The unfolding legal drama has prompted the NCLT’s Mumbai bench to issue a formal notice to Zee, compelling the media conglomerate to provide a comprehensive response. This development comes against the backdrop of speculation surrounding Sony Group’s formal withdrawal of its filings with the NCLT regarding the proposed merger with Zee.
Bloomberg’s recent report revealed a series of filings by the Japanese multinational giant to the NCLT, signaling its intent to extricate itself from the merger agreement with Zee. Citing unresolved “closing conditions,” Sony officially severed ties with Zee, a move disclosed on January 22, marking a significant setback for the anticipated merger.
The collapse of this high-profile merger coincides with a seismic announcement earlier in the week involving Reliance Industries and The Walt Disney Company.
On Wednesday, the two corporate behemoths unveiled plans for a transformative merger of their Indian media ventures, heralding the birth of an $8.5-billion powerhouse set to operate as a joint venture. Positioned to emerge as the undisputed leader in broadcasting and digital media, the Reliance-Disney consortium’s formation is poised to send shockwaves through the industry landscape, potentially reshaping the fortunes of key players including Sony and Zee.
