NCLT Mumbai seeks Sony Pictures response to plea by Zee seeking implementation of ₹10 billion merger

The National Company Law Tribunal (NCLT) at Mumbai on Tuesday issued notice to Sony Pictures Networks (now Culver Max) in an application filed by Zee Entertainment Enterprises seeking the implementation of the $10 billion merger between the two companies..A coram of judicial member Lakshmi Gurung and technical member Charanjeet Singh Gulati directed Sony Pictures to file a reply to the application within two weeks and posted the matter for hearing on March 12..The merger between Sony Pictures and Zee had been announced on December 22, 2021, but was called off by the former recently.Zee, however, sought enforcement of the scheme, which the tribunal had approved in August 2023 despite opposition from creditors like Axis Finance, JC Flower Asset Reconstruction Co, IDBI Bank, Imax Corp and IDBI Trusteeship..Senior Advocate Janak Dwarkadas argued that the sole jurisdiction to consider and supervise the scheme which is already sanctioned lies only with the NCLT, which is why Zee had filed the present application. .Appearing for Sony Pictures, Senior Advocate Darius Khambata informed the tribunal that the company was in the process of filing an application challenging the maintainability of Zee's petition. He asked that the same be listed along with the present application on the next date..A shareholder of Zee, Mad Men Film Ventures, has also filed an application seeking enforcement of the merger. This application will also be heard on March 12. .Dwarkadas, who represented Zee, was briefed by a team from Cyril Amarchand Mangaldas (CAM) headed by Managing Partner Cyril Shroff and Partners L Vishwanathan and Indranil Deshmukh.Along with Khambata, Senior Advocate Gaurav Joshi, briefed by Shardul Amarchand Mangaldas, appeared for Sony Pictures..The Singapore International Arbitration Centre (SIAC) on February 4 rejected a plea filed by Sony seeking emergency interim relief in the case.Sony had approached the SIAC seeking directions to prevent Zee from seeking legal remedies from other legal forums including the NCLT at Mumbai..Zee-Sony merger: Singapore International Arbitration Centre refuses interim relief to Sony