Emergency arbitrator rejects Sony’s application against Zee
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New Delhi (Uttam Hindu News): The Singapore International Arbitration Center (SIAC) has rejected the application for emergency interim relief filed by Sony against Zee Entertainment.
The emergency arbitrator, in a judgment dated February 4, 2024 rejecting the application for emergency interim relief filed by Culver Max and BEPL, determined that the emergency arbitrator has the power to restrain Zee Entertainment from approaching the NCLT to implement the merger plan. Has no jurisdiction or authority. Zee said, since these are matters which fall under the statutory system and the NCLT has to decide.
Culver Max Entertainment Pvt Ltd (Culver Max) and Bangla Entertainment Pvt Ltd (BEPL) had called for arbitration against Zee Entertainment Enterprises and sought emergency interim relief against Zee before the Singapore International Arbitration Center (SIAC).
Zee Entertainment had, inter alia, approached the National Company Law Tribunal (NCLT), Mumbai Bench, seeking directions to implement the overall scheme of arrangement between the company, BEPL and Culver Max (Scheme of Merger).
Zee has initiated appropriate legal action to counter the claims of Culver Max and BEPL in the arbitration proceedings before SIAC.
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