Zee on Tuesday announced its decision to withdraw the merger implementation application filed against Sony before the National Company Law Tribunal (NCLT), Mumbai Bench.

The implementation application was filed by ZEE on January 2024, seeking directions on the implementation of the Composite Scheme of Arrangement between ZEE-Sony

Informing the exchanges, the company said the step taken to withdraw the implementation application is based on the advice received by the board after a detailed consultation with legal experts. “This decision will also enable the company to pursue growth and evaluate strategic opportunities to generate higher value for all shareholders,” the company said.

Zee will continue its arbitration against Sony to claim damages at the Singapore International Arbitration Centre (SIAC). Zee withdrew its application at NCLT to aggressively pursue its case here.

R Gopalan, Chairman, ZEE, said, “The immediate priority for the company is to focus on performance and achieve its targeted goals for the future. We have reviewed the key steps taken by the management over the last few months that are result-oriented, and we believe that the Company is well poised to chart a stronger growth trajectory. Hence, after seeking an independent legal opinion, the board has advised the management of the company to withdraw the implementation application filed before the Hon’ble NCLT. The board remains focused towards maximising shareholder value, strengthening the company’s claims in arbitration and enabling the company to explore strategic opportunities.”