NEW DELHI: The Singapore International Arbitration Centre (SIAC) has denied the application for emergency interim relief filed by Sony against Zee Entertainment.
The Emergency Arbitrator has passed an award dated February 4, 2024 denying the application for emergency interim relief filed by Culver Max and BEPL and has determined that the Emergency Arbitrator has no jurisdiction or authority to injunct Zee Entertainment from approaching the NCLT to implement the Merger Scheme since these are matters which fall within the statutory system and are for the NCLT to decide, Zee said.
Culver Max Entertainment Private Limited (Culver Max) and Bangla Entertainment Private Limited (BEPL) had invoked arbitration against Zee Entertainment Enterprises and sought emergency interim reliefs against Zee before the Singapore International Arbitration Centre (SIAC).
Zee Entertainment had approached the National Company Law Tribunal, Mumbai bench (NCLT) inter alia seeking directions to implement the composite scheme of arrangement amongst the Company, BEPL and Culver Max (Merger Scheme).
Zee has initiated appropriate legal action to contest Culver Max and BEPL's claims in the arbitration proceedings before SIAC.