Zee secures NCLT approval for settlement agreement with Sony India

NCLT approves merger of ZEEL, Bangla Entertainment, and Culver Max Entertainment in landmark decision on August 10, 2023.

Zee Entertainment Enterprises has obtained approval from the National Company Law Tribunal (NCLT) to retract its application and claims in the arbitration proceedings concerning its merger with Sony Pictures Networks India.

This announcement signifies the end of the legal dispute surrounding the merger, which has been ongoing for almost three years. "NCLT, inter alia, allowing the withdrawal of the scheme and recall the sanctioned order dated August 10, 2023, passed by the NCLT in respect of the scheme," Zee said in an exchange filing on Thursday.

The initial NCLT ruling from August 10, 2023, granted approval for the merger involving ZEEL, Bangla Entertainment Private Limited (BEPL), and Culver Max Entertainment (CME). However, in a filing dated August 29, 2024, Zee has asked the NCLT to revoke this order, indicating possible challenges in the merger process.

Zee took legal action in response, but ultimately, both companies arrived at a non-cash settlement in August, 2024.