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Tag: Bangla Entertainment Pvt Ltd

  • Zee receives NCLT approval for settlement approval with Sony India

    Zee receives NCLT approval for settlement approval with Sony India

    Mumbai: Zee Entertainment Enterprises (ZEEL) has received approval from the National Company Law Tribunal (NCLT) to withdraw its application and claims related to the arbitration process involving its merger with Sony Pictures Networks India. This development marks the conclusion of a nearly three-year legal dispute.

    In a statement released on Thursday, Zee confirmed that the NCLT has agreed to allow the withdrawal of the scheme and has recalled the order it had previously sanctioned on 10 August 2023. This order had granted approval for the merger between ZEEL, Bangla Entertainment Private Limited (BEPL), and Culver Max Entertainment (CME).

    According to media reports, shares of Zee Entertainment Enterprises Ltd. (ZEEL) surged more than three per cent on Friday after the company announced that it had received regulatory approval to recall its merger with Culver Max Entertainment Pvt Ltd (formerly Sony Pictures Networks India) and Bangla Entertainment Pvt Ltd (BEPL). ZEE’s stock gained as much as 3.26 per cent, reaching Rs 139.15 per share on the BSE.

    Despite initiating legal proceedings, Zee and Sony Pictures Networks India eventually reached a non-cash settlement in August 2024, resolving the matter amicably.

  • Zee Entertainment, Culver Max Entertainment & Bangla Entertainment smoke peace pipe

    Zee Entertainment, Culver Max Entertainment & Bangla Entertainment smoke peace pipe

    Mumbai: It looked like it would be a never ending slugfest between Zee and Sony with each going to court against the other. But now that time has passed and the tempers have cooled, Zee  Culver Max Entertainment Pvt Ltd (CMEPL) operating as Sony Pictures Networks India (SPNI), together with its group company Bangla Entertainment Pvt Ltd (BEPL), have decided to call of their quarrels. The companies have arrived at a comprehensive non-cash settlement, amicably resolving all disputes related to the merger cooperation agreement and the composite scheme of arrangement.

    As part of the settlement, the firms have mutually agreed to withdraw all respective claims against each other, in the ongoing arbitration at the Singapore International Arbitration Centre, and all related legal proceedings initiated in the National Company Law Tribunal (NCLT) and other forums. The companies will also withdraw the respective composite schemes of arrangement from the NCLT and inform the relevant regulatory authorities.

    Under the terms of the settlement, none of the parties will have any outstanding or continuing obligations or liabilities to the other. The settlement stems from a mutual understanding between the companies to independently pursue future growth opportunities with a renewed purpose and focus on the evolving media and entertainment landscape, signifying the definitive conclusion of all disputes.

    For media observers, this is an agreement which is coming as a breath of fresh air.