Mad Men Film Ventures has sought an order at the company court to induce Zee and Sony to merge through legal diktat. The termination of the $10 billion deal has been particularly detrimental for Zee shareholders, which saw Zee stock prices drop precipitously after Sony Corp announced that it is terminating the merger agreement. The NCLT issued a notice to Sony, to file a reply to the petition by Zee shareholder within three weeks. This will be the third legal action in the Zee and Sony case. Before this, Zee promoters have filed two separate cases at the NCLT as well as the Singapore Arbitration International Centre (SAIC) seeking damages for the failed merger.

Source: The Hindu January 30, 2024 15:03 UTC