Zee Entertainment shares jumped more than 5 per cent on Tuesday amid reports of an emergency arbitration hearing of its terminated merger with the Sony Group in Singapore.
Zee shares closed at Rs 170.90, up by 5.75 per cent, on the BSE on Tuesday in a very weak market.
As per an earlier communication, Zee Entertainment said it has initiated legal action to contest Culver Max (formerly Sony Pictures Network India) and BEPL’s claims in the arbitration proceedings before Singapore International Arbitration Centre (SIAC).
Zee also approached the National Company Law Tribunal, Mumbai bench, inter alia seeking directions to implement the merger scheme.
The company issued a reply to Culver Max and BEPL inter alia specifically denying any breach of its obligations under the MCA and reiterated that the company has complied with all its obligations in good faith.
The company has denied that Culver Max and BEPL are entitled to terminate the MCA and the claim for termination fee is legally untenable and has no basis whatsoever.
The company asserted that Culver Max and BEPL are in default of their obligations to give effect to and implement the scheme, sanctioned by the National Company Law Tribunal.
The company has called upon Culver Max and BEPL to immediately withdraw the termination and confirm that they will perform their obligations to give effect to and implement the merger scheme, sanctioned by the National Company Law Tribunal. The Company has reserved all its rights in this regard.