A day after the SIAC any emergency interim relief to its India units, Sony Pictures Entertainment has said that it will continue to arbitrate against Zee Enterprises Limited (ZEEL) before the SIAC.
Sony’s subsidiary SPE also expressed disappointment with the SIAC’s decision that allows Zee to pursue its application with the NCLT.
Sony Group companies had requested SIAC to prevent Zee from seeking legal remedies from the NCLT or Indian or international courts until the arbitration proceedings are completed.
NCLT has been requested by Zee to direct Sony Group companies Culver Max and Bangla Entertainment to execute the composite scheme of arrangement with Zee and maintain the status quo concerning the merger scheme.
Furthermore, Zee has also asked the tribunal to prevent Sony Group-owned firms from adopting any further steps that could jeopardise the execution of the scheme.
On Feb 4, Sony encountered a setback as the emergency arbitrator has denied any relief in the Singapore International Arbitration Centre (SIAC), sources familiar with the matter told Storyboard18.
Hearing for an emergency arbitration in the Zee Entertainment-Sony merger case was announced on January 30.
The Singapore International Arbitration Center is the first Asian arbitration institution to offer this process and has received over 130 applications since 2010 for the appointment of an Emergency Arbitrator.
A statement from Sony Pictures Entertainment however said that the company remains resolute in pursuing arbitration in Singapore.
“We are disappointed in the decision by the Singapore International Arbitration Centre (SIAC). This decision is only a procedural one, ruling only as to whether Zee Entertainment would be permitted to pursue its application with the NCLT. We will continue to vigorously arbitrate the matter in Singapore in front of a full SIAC tribunal and pursue SPNI’s right to terminate the merger agreement and seek a termination fee and other remedies. We remain confident in the merits of our position in both Singapore and India,” the statement said.