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Singapore court rejects Sony’s plea to stay Zee’s NCLT proceedings. india business news

Mumbai:Singaporean to mediate The tribunal has rejected Sonypetition against Zee A stay was sought on court proceedings in India after the Japanese media major called off the $10 billion merger. Punit Goenka led Zee has asked NCLT to direct the local branch of Sony to honor the merger obligations.
NCLT currently has two petitions: one by Zee and the other by a Zee shareholder, Mad Men Film Ventures.Both have sought to implement the merger between Indian broadcaster And Sony after the Japanese company shut it down on January 22.

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The Mumbai tribunal has accepted Mad Men’s petition, while Zee’s petition is yet to be considered. In a regulatory filing on Sunday, Zee said: “The Singapore International Arbitration Center said it has no jurisdiction or authority to stop Zee from approaching NCLT as the merger falls within the scope of local jurisdiction.”
Sony’s application in Singapore was filed under emergency arbitration process, in which an emergency arbitrator is appointed to hear applications for immediate relief before the tribunal is constituted. Even if the emergency arbitrator rejects Sony’s application for interim relief, the Japanese major can continue the arbitration under the normal procedure.
Sony canceled the merger with Zee citing non-fulfillment of the terms of the deal. It then called for immediate arbitration and sought emergency relief from the Singapore tribunal. It also demanded a $90 million termination fee from the Indian broadcaster due to alleged violations of the deal agreement. Zee contested Sony’s claims in Singapore and also moved the NCLT asking the tribunal to order Sony to honor its obligations to complete the merger. NCLT had approved the Zee-Sony merger in August last year.

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