Zee Entertainment Enterprises Ltd. (ZEEL) share price rose over 3% on Friday after the company said it has received regulatory approval for the revocation of the merger with Culver Max Entertainment Pvt Ltd (formerly Sony Pictures Networks India) and Bangla Entertainment Pvt Ltd (BEPL). ZEE shares gained as much as 3.26% ₹139.15 each on the BSE.
The National Company Law Tribunal (NCLT) has approved the revocation of the merger order, allowing the company to withdraw the plan, ZEE said in a regulatory filing on September 12.
NCLT approval marks end of legal battle over merger.
ZEE Entertainment CompaniesOn August 27, Culver Max Entertainment and Bangla Entertainment announced a comprehensive non-monetary agreement for withdraw the merger agreement and resolve all disputes. The companies signed a merger agreement in August 2023.
The Zee-Sony merger had earlier received regulatory approvals, but the merger faced opposition from creditors and led to multiple legal disputes. This resulted in Sony terminates merger agreement in January.
Zee took legal action, but the two companies reached a settlement in August.
“Under the terms of the agreement, neither party will have any outstanding or continuing obligations or liabilities to the other. The agreement arises from a mutual understanding between the companies to independently pursue future growth opportunities with a renewed purpose and focus on the changing media and entertainment landscape, signifying the final conclusion of all disputes,” Zee said.
At 10:15 am, Zee shares were trading 1.52% higher at ₹136.80 each in the BSE.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.