Sony Pictures Networks, now known as Culver Max, received notice from the National Company Law Tribunal (NCLT) in Bombay on Tuesday over an application Zee Entertainment Enterprises made to implement the $10 billion merger of the two companies.
Sony Pictures was given two weeks to respond to the application by a panel made up of technical member Charanjeet Singh Gulati and judicial member Lakshmi Gurung. The subject was scheduled for a hearing on March 12.
Zee and Sony Pictures had announced their intention to merge on December 22, 2021, but the former has since called off the deal.
Zee, however, pushed for the plan’s enforcement after creditors including Axis Finance, JC Flower Asset Reconstruction Co., IDBI Bank, Imax Corp., and IDBI Trusteeship objected to it. The tribunal had accepted the plan in August 2023.
Senior Attorney Janak Dwarkadas contended that Zee had filed this application since the NCLT is the only body with the authority to review and oversee the approved scheme.
Senior Advocate Darius Khambata, representing Sony Pictures, told the tribunal that the firm was preparing to submit an application contesting Zee’s petition’s maintainability. On the following date, he requested that the same be listed with the current application.
Mad Men Film Ventures, a Zee stakeholder, has also submitted an application to have the merger enforced. On March 12, this application will also be heard.
Cyril Shroff, the managing partner of Cyril Amarchand Mangaldas (CAM), and Partners L Vishwanathan and Indranil Deshmukh briefed Dwarkadas, who was representing Zee.
Shardul Amarch and Mangaldas briefed Senior Advocate Gaurav Joshi, who appeared with Khambata on behalf of Sony Pictures.
Sony submitted a plea on February 4 asking for urgent interim relief in the dispute, but the Singapore International Arbitration Centre (SIAC) rejected it.
Sony has petitioned the SIAC for an order to stop Zed from pursuing legal action in other courts, such as the Mumbai NCLT.
