In a recent regulatory filing, Zee said they have responded to Culver Max Entertainment Pvt., denying any breach and asserting compliance with MCA obligations.
Zee has approached the National Company Law Tribunal (NCLT) seeking directions to implement the merger scheme and initiated legal action in arbitration proceedings at Singapore International Arbitration Centre.
“The Company issued a reply to Culver Max and BEPL inter alia specifically denying any breach of its obligations under the MCA and reiterated that the Company has complied with all its obligations in good faith. The Company has denied that Culver Max and BEPL are entitled to terminate the MCA and the claim for termination fee is legally untenable and has no basis whatsoever. The Company asserted that Culver Max and BEPL are in default of their obligations to give effect to and implement the Scheme, sanctioned by the Hon’ble National Company Law Tribunal. The Company has called upon Culver Max and BEPL to immediately withdraw the termination and confirm that they will perform their obligations to give effect to and implement the Merger Scheme, sanctioned by the Hon’ble National Company Law Tribunal. The Company has reserved all its rights in this regard,” Zee’s regulatory filing read.