Zee has officially refuted any breach allegations, emphasizing adherence to MCA obligations in the Sony merger case and taken proactive steps by approaching the National Company Law Tribunal (NCLT), seeking directives for implementing the merger scheme.
Legal proceedings have also been initiated through arbitration at the Singapore International Arbitration Centre. Despite these measures, the company acknowledges and respects Sony’s decision to terminate the merger.
In an internal address to Zee employees on Thursday, Punit Goenka, CEO of Zee Entertainment Enterprises addressed the fallout with Sony.
While he said it is difficult to put a finger on what exactly went wrong, they respected Sony for their decision.
He said, “Maybe Sony felt being on their own is better for them. Maybe it’s taken two years, and they ran out of patience. They have a right to call off the merger and we respect that.”
Read More: Advertisers were never too excited about the Zee-Sony merger, say media planners
“We will move forward to protect our company on a standalone basis,” he added.
Meanwhile on Wednesday, in an internal communication to the company employees, Sony CEO NP Singh shared the company’s strategic vision after the fallout and plans to lead the media and entertainment space.
“As we close the chapter on our proposed merger with ZEEL, I want to take a moment to talk to you – not just as your CEO but as someone who has been on this journey with you. This change in our plans allows us to step into a new phase of our story, which I believe is full of promise,” he said in the mail seen by Storyboard18.
“Our journey towards the merger has been remarkable, showing us how resilient and dedicated we can be when working towards a common goal. As we transition from this phase, I am, along with the senior management team, committed to setting the company up for a long-term, strong future. We will actively explore new organic and inorganic possibilities to strengthen our market presence,” he added.
Read More: Punit Goenka addresses Zee employees; ensures no layoffs