Zee Leisure on Tuesday rejected media stories suggesting the cancellation of the $10 billion merger with Sony Photos’ India division in a submitting with the inventory change. The Puneet Goenka-led firm acknowledged that the report is unfounded and accommodates factual inaccuracies.
“We want to reiterate that the Firm is dedicated to the merger with Sony and is constant to work in the direction of a profitable closure of the proposed merger,” the corporate stated.
As on January 09, 2024, 3:10 PM IST Zee Leisure Enterprises Restricted share value was down by 7.48% at Rs 257.35.
On January 9, ET reported that Sony Group Corp is near abandoning the proposed $10 billion merger between its India operations and Zee Leisure Enterprises Ltd (ZEEL).
The announcement of the merger befell two years in the past with the goal of building India’s largest broadcast firm.
The failures in assembly the circumstances precedent (CP) in authorized phrases have intensified the underlying dissatisfaction between the potential companions. They’ve been unable to achieve an settlement on appointing ZEEL MD Punit Goenka because the CEO of the merged entity till he’s cleared of allegations associated to diverting funds from the publicly-traded agency to privately held firms owned by his household’s Essel Group, the report stated.
In June, the Securities and Alternate Board of India (SEBI) accused Goenka and Zee Group Chairman Subhash Chandra of diverting firm funds. Nevertheless, in October, the Securities Appellate Tribunal lifted the ban on Goenka, which had prevented him from holding board positions in Zee Group firms.
The Goenka household holds a 3.99% fairness stake in ZEEL.
The merged firm was meant to own greater than 70 TV channels, two video streaming providers (ZEE5 and Sony LIV), and two movie studios (Zee Studios and Sony Photos Movies India), establishing itself as the biggest leisure community in India. The definitive settlement for his or her merger was signed in December of that 12 months.
“We want to reiterate that the Firm is dedicated to the merger with Sony and is constant to work in the direction of a profitable closure of the proposed merger,” the corporate stated.
As on January 09, 2024, 3:10 PM IST Zee Leisure Enterprises Restricted share value was down by 7.48% at Rs 257.35.
On January 9, ET reported that Sony Group Corp is near abandoning the proposed $10 billion merger between its India operations and Zee Leisure Enterprises Ltd (ZEEL).
The announcement of the merger befell two years in the past with the goal of building India’s largest broadcast firm.
The failures in assembly the circumstances precedent (CP) in authorized phrases have intensified the underlying dissatisfaction between the potential companions. They’ve been unable to achieve an settlement on appointing ZEEL MD Punit Goenka because the CEO of the merged entity till he’s cleared of allegations associated to diverting funds from the publicly-traded agency to privately held firms owned by his household’s Essel Group, the report stated.
In June, the Securities and Alternate Board of India (SEBI) accused Goenka and Zee Group Chairman Subhash Chandra of diverting firm funds. Nevertheless, in October, the Securities Appellate Tribunal lifted the ban on Goenka, which had prevented him from holding board positions in Zee Group firms.
The Goenka household holds a 3.99% fairness stake in ZEEL.
The merged firm was meant to own greater than 70 TV channels, two video streaming providers (ZEE5 and Sony LIV), and two movie studios (Zee Studios and Sony Photos Movies India), establishing itself as the biggest leisure community in India. The definitive settlement for his or her merger was signed in December of that 12 months.
