Sony disappointed with SIAC’s decision on Zee merger, arbitration continues. india business news
Mumbai: Sony expressed disappointment with Singapore Arbitration Tribunaldecision allows Zee to find solutions from Indian courts After this it was discontinued Fusion Between its local unit and the company run by Punit Goenka.
However, it will continue to hold a panchayat Its case against Zee before the Singapore Tribunal, to assert its right to terminate the merger agreement termination fee To seek $90 million more relief.
The Singapore tribunal’s decision is “merely a procedural decision, which merely adjudicates on whether Zee will be allowed to pursue its application with the NCLT”, Soni said, adding that he is “looking forward to this decision in Singapore.” “Will continue to mediate the matter strictly.” Sony’s application in Singapore was filed under the emergency arbitration process, in which a single bench is appointed to hear applications for urgent relief before the tribunal is constituted. Now the full bench will hear this case.
Singapore refused Sony’s interim relief as it did not have the jurisdiction to stop Zee from approaching NCLT-Mumbai. Sony had requested Singapore to restrain Zee from seeking redress from NCLT-Mumbai or other Indian courts until the arbitration proceedings are over.
NCLT There are currently two petitions before it: one by Zee and the other by Zee shareholder, Mad Men Film Ventures. Both want Sony to honor its merger obligations. The Mumbai tribunal has accepted Mad Men’s plea, while it will hear Zee’s plea on Tuesday. It has directed Sony to file its reply on Mad Men’s petition before March 12.
However, it will continue to hold a panchayat Its case against Zee before the Singapore Tribunal, to assert its right to terminate the merger agreement termination fee To seek $90 million more relief.
The Singapore tribunal’s decision is “merely a procedural decision, which merely adjudicates on whether Zee will be allowed to pursue its application with the NCLT”, Soni said, adding that he is “looking forward to this decision in Singapore.” “Will continue to mediate the matter strictly.” Sony’s application in Singapore was filed under the emergency arbitration process, in which a single bench is appointed to hear applications for urgent relief before the tribunal is constituted. Now the full bench will hear this case.
Singapore refused Sony’s interim relief as it did not have the jurisdiction to stop Zee from approaching NCLT-Mumbai. Sony had requested Singapore to restrain Zee from seeking redress from NCLT-Mumbai or other Indian courts until the arbitration proceedings are over.
NCLT There are currently two petitions before it: one by Zee and the other by Zee shareholder, Mad Men Film Ventures. Both want Sony to honor its merger obligations. The Mumbai tribunal has accepted Mad Men’s plea, while it will hear Zee’s plea on Tuesday. It has directed Sony to file its reply on Mad Men’s petition before March 12.
