SPE, a subsidiary of Tokyo-based Sony Group Corporation, also expressed disappointment with SIAC’s decision to allow Zee to pursue its application with the National Company Law Tribunal (NCLT).
On February 4, SIAC denied emergency interim relief to SPE’s Culver Max Entertainment, previously known as Sony Pictures Networks India (SPNI) and Bangla Entertainment against Zee, stating it has no jurisdiction to prevent Zee from approaching NCLT and that the tribunal is the appropriate forum to handle the dispute.
“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,” SPE said in a statement.
The US-headquartered media company said it is confident about the merits of its position in both Singapore and India.
“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,” it added.
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