Despite snub, Sony to pursue right to terminate merger deal with ZEE at SIAC

Culver Max Entertainment (formerly Sony Pictures Networks India) has expressed its disappointment at the Singapore International Arbitration Centre’s (SIAC) decision not to allow it to stop Zee Entertainment Enterprises Ltd (ZEEL) from moving NCLT to enforce the merger, after the merger deal was called off by Sony.

In a statement issued, Sony said, “We are disappointed in the decision by the Singapore International Arbitration Centre (SIAC). This decision is only a procedural one, ruling only as to whether Zee Entertainment would be permitted to pursue its application with the NCLT.”

Sony further affirmed, “We will continue to vigorously arbitrate the matter in Singapore in front of a full SIAC tribunal and pursue SPNI’s right to terminate the merger agreement and seek a termination fee and other remedies.”

“We remain confident in the merits of our position in both Singapore and India,” Sony added.