The Singapore Arbitration Centre has denied Sony Group's plea to restrain Zee Entertainment Enterprises Ltd (ZEEL) from moving to the National Company Law Tribunal (NCLT) for enforcing a merger called off by Sony. The Emergency Arbitrator ruled it lacked jurisdiction to issue such an order. Sony terminated the merger agreement with ZEEL last month, citing unsatisfied conditions. ZEEL filed a petition before NCLT to implement the merger, and Sony initiated arbitration proceedings claiming a USD 90 million termination fee. The denial by the Singapore Arbitration Centre allows ZEEL to proceed with its NCLT application for the merger scheme.
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