On Friday, the National Company Law Tribunal (NCL) in Mumbai issued notices to Zee Entertainment Enterprises in response to two pleas filed by Culver Max (formerly known as Sony Pictures Networks India) and Bangla Entertainment. These pleas oppose Zee's application seeking the implementation of the merger between Sony and Zee.

Sony Pictures filed another application with the NCLT, seeking directions under Section 45 of the Arbitration and Conciliation Act. The application urges the parties involved to pursue arbitration.

A coram consisting of judicial member Lakshmi Gurung and technical member Charanjeet Singh Gulati granted Zee a two-week period to file its reply to the applications filed by Sony. 

Senior Advocate Darius Khambata, representing the Sony companies, addressed the Tribunal, stating...

“We are filing an application under Section 45 of the Arbitration & Conciliation Act, under which a judicial authority (NCLT in current case) has power to direct the parties to pursue matter through arbitration if parties have made such agreement''

The merger between Sony and Zee was initially announced on December 22, 2021. However, Sony Pictures later decided to call off the merger. Subsequently, Mad Men Film Ventures, a shareholder of Zee, approached the NCLT seeking enforcement of the merger scheme, which had been approved by the tribunal in August 2023.

In the interim, on February 4, Sony sought intervention from the Singapore International Arbitration Centre (SIAC), requesting directions to prevent Zee from pursuing legal remedies in other forums, including the NCLT. Following SIAC's dismissal of Sony's plea for urgent relief, Mad Men approached the NCLT seeking an urgent order to ensure that any rulings made by other forums regarding the Zee-Sony merger would be subject to the NCLT's orders.

Subsequently, Zee approached the NCLT Mumbai, seeking the implementation of the $10 billion merger between the two companies.

Both applications are scheduled to be heard by the NCLT on March 12.