The National Company Law Tribunal (NCLT) on Tuesday has agreed to hear a plea filed by a minority shareholder of Zee Entertainment Enterprises seeking the implementation of the now-junked merger with the Indian arm of Japanese firm Sony Pictures Network.
Mad Men Film Ventures has sought an order at the company court to induce Zee and Sony to merge through legal diktat. The termination of the $10 billion deal has been particularly detrimental for Zee shareholders, which saw Zee stock prices drop precipitously after Sony Corp announced that it is terminating the merger agreement.
The NCLT issued a notice to Sony, to file a reply to the petition by Zee shareholder within three weeks. The next date of hearing is set for March 12.
This will be the third legal action in the Zee and Sony case. Before this, Zee promoters have filed two separate cases at the NCLT as well as the Singapore Arbitration International Centre (SAIC) seeking damages for the failed merger. The SAIC will be holding an emergency hearing on this matter on Wednesday.