Zee withdraws merger implementation application filed before NCLT [Video]

Zee announced its decision to withdraw the merger implementation application filed before the National Company Law Tribunal (NCLT), Mumbai bench.

The implementation application was filed by Zee on  January 24, 2024, seeking directions on the implementation of the Composite Scheme of Arrangement between ZEE, Culver Max Entertainment and Bangla Entertainment.

Zee said in a statement that the step taken by the company to withdraw the implementation application is based on the advice received by the Board after a detailed consultation with legal experts.

It added, “This decision will also enable the company to pursue growth and evaluate strategic opportunities to generate higher value for all shareholders. The Board remains committed to reviewing the strategic action-oriented steps taken by the management and providing timely guidance.”

It also said that this decision to withdraw the implementation application will enable it to continue to pursue all its claims against Sony in the ongoing arbitration proceedings at the Singapore International Arbitration Centre …