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India’s Zee asks Sony to withdraw merger termination
© Reuters. FILE PHOTO: Zee Entertainment and SONY logos are displayed in this illustration taken, September 1, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
BENGALURU (Reuters) -Zee Entertainment said on Wednesday it has called on Sony (NYSE:) Group to withdraw the Japanese company’s termination of a $10 billion merger between its local unit and the Indian broadcaster.
Zee denies Sony’s claims that it breached its obligations under the deal and has started legal action to contest the claims in arbitration proceedings before the Singapore International Arbitration Centre, Zee said.
The company has also approached the National Company Law Tribunal seeking directions to implement the merger, Zee added.
“The company has complied with all its obligations in good faith,” Zee said in a regulatory filing.
Sony did not immediately respond to Reuters’ request for comment on the Zee statement.
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