Zee Entertainment Enterprises Limited (ZEEL) has provided an update regarding the Composite Scheme of Arrangement involving Culver Max Entertainment Private Limited (formerly Sony Pictures Networks India) and Bangla Entertainment Private Limited. The National Company Law Tribunal (NCLT) Mumbai Bench, in an order dated September 5, 2024, has allowed the withdrawal of the Scheme and recalled its previous sanction order from August 10, 2023.
Key details from the NCLT order:
- The Scheme’s withdrawal was mutually agreed upon by the involved parties as per the board resolutions passed on August 27, 2024.
- The settlement agreement was approved, and all disputes and claims between the parties have been resolved.
- The Merger Cooperation Agreement tied to the Scheme has been terminated, as the closing date has not occurred.
- ZEEL has agreed to contribute ₹50,000 to Bharat Kosh as part of the withdrawal
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Zee Entertainment