Key Points
The Singapore International Arbitration Centre denied an interim relief on Sony Group Corp.s request to stop Zee Entertainment Enterprises Ltd. from approaching an Indian corporate court in the scrapped $10 billion merger of the media firms..
Sony Group and Zee Entertainment called off their planned media merger in India last month, with the Japanese company accusing the Indian firm to have failed to meet merger agreement conditions..
Following the failure, Sony filed an arbitration application in Singapore, seeking a termination fee from Zee..
The emergency arbitrator in Singapore has allowed Zee to press its case against Sonys Indian units Culver Max Entertainment Pvt and Bangla Entertainment Pvt before the company court in India, according to an exchange filing by Zee..
The emergency arbitrator has no jurisdiction or authority to injunct the company from approaching the NCLT to implement the merger," according to the filing, referring to Indias National Company Law Tribunal..
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