ZEE Entertainment Enterprises Ltd conducted a board meeting on January 22 to address Sony’s merger termination notice where the company chairman said that despite taking all necessary steps to close the deal, its failure won’t alter their commitment to stakeholders.
The company will continue to work towards stakeholder safety and benefit in the days to come, the chairman assured.
“The Board of Directors has taken note of Sony’s letters purporting to terminate the Merger Co-operation Agreement, on the Company’s proposed merger with and into Culver Max Entertainment Pvt. Ltd, invoking arbitration and seeking interim reliefs. We are evaluating the next steps and considering the appropriate course of action. The Board has noted that the Company took all the required steps in the course of its integration journey over the last two years, to ensure that the scheme is implemented at the earliest,” said R Gopalan, Chairman, ZEE Entertainment Enterprises Ltd. said.
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“The Board would like to assure its stakeholders that the Company will take all the necessary actions, in the best interest of all stakeholders, including by taking appropriate legal action and contesting Culver Max and BEPL’s claims in the arbitration proceedings. The Board has complete faith in the highly experienced senior management of the Company and will continue to guide the team. We recognize and value the trust our shareholders and stakeholders place in us, and we express gratitude for their continued support,” Gopalan added.
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