The Singapore Worldwide Arbitration Centre denied an interim reduction on Sony Group Corp.’s request to cease Zee Leisure Enterprises Ltd. from approaching an Indian company court docket within the scrapped $10 billion merger of the media companies.
Sony Group and Zee Leisure referred to as off their deliberate media merger in India final month, with the Japanese firm accusing the Indian agency to have failed to fulfill merger settlement situations. Following the failure, Sony filed an arbitration software in Singapore, looking for a termination price from Zee.
ALSO READ: Sony ‘predetermined’ to terminate merger deal: ZEE tells NCLT
The emergency arbitrator in Singapore has allowed Zee to press its case in opposition to Sony’s Indian models Culver Max Leisure Pvt and Bangla Leisure Pvt earlier than the corporate court docket in India, in line with an alternate submitting by Zee. It’s looking for implementation of the merger plan among the many firms, a transfer Sony tried to dam through its emergency plea earlier than the Singapore arbitrator.
The “emergency arbitrator has no jurisdiction or authority to injunct the corporate from approaching the NCLT to implement the merger,” in line with the submitting, referring to India’s Nationwide Firm Legislation Tribunal. It additionally stated the matter falls throughout the jurisdiction of the NCLT, which Zee had approached.
Zee’s Mumbai-listed shares have plunged 37% this 12 months amid failure of the deal and worries over its fallout. The inventory noticed downgrades from at the very least 12 brokerages in January.
©2024 Bloomberg L.P.
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Printed: 04 Feb 2024, 05:54 PM IST
