For Immediate Release
ZEE withdraws merger implementation application from NCLT
Decision taken by the Board after seeking appropriate legal advice & reviewing the
action-oriented steps implemented by the management
Company to sharply focus on growth and strategic opportunities to generate higher
value for all shareholders
Company to aggressively pursue all its claims against Sony in the ongoing arbitration
proceedings at the Singapore International Arbitration Centre (SIAC) and in other
forums
Mumbai, 16th April 2024: ZEE Entertainment Enterprises Ltd. (ZEE) today
announced its decision to withdraw the merger implementation application filed before
the Hon'ble National Company Law Tribunal (NCLT), Mumbai bench. The
implementation application was filed by ZEE on 24th January 2024, seeking directions
on the implementation of the Composite Scheme of Arrangement between ZEE, Culver
Max Entertainment Pvt. Ltd. and Bangla Entertainment Pvt. Ltd.
The step taken by the Company to withdraw the implementation application is based
on the advice received by the Board after a detailed consultation with legal experts. This
decision will also enable the Company to pursue growth and evaluate strategic
opportunities to generate higher value for all shareholders. The Board remains
committed towards reviewing the strategic action-oriented steps taken by the
management and providing timely guidance.
This decision to withdraw the implementation application will enable the Company to
continue to aggressively pursue all its claims against Sony in the ongoing arbitration
proceedings at the Singapore International Arbitration Centre (SIAC) and in other
forums.
Commenting on the strategic decision, Mr. R. Gopalan, Chairman, ZEE said, "The
immediate priority for the Company is to focus on performance and achieve its targeted
goals for the future. We have reviewed the key steps taken by the management over the
last few months that are result-oriented, and we believe that the Company is well poised
to chart a stronger growth trajectory. Hence, after seeking an independent legal opinion,
the Board has advised the management of the Company to withdraw the implementation
application filed before the Hon'ble NCLT. The Board remains focused towards
maximizing shareholder value, strengthening the Company's claims in arbitration and
enabling the Company to explore strategic opportunities."
Under the guidance of the Board, the management of the Company has taken significant
efforts to enhance the productivity levels by focusing on a three-pronged approach
centred around Frugality, Optimization and a sharp focus on Quality Content. In line
with this approach, the Company has streamlined its structure, to enhance the content
creation, distribution and monetization process. The Board has also instituted a
Monthly Management Mentorship (3M) Program to regularly review and advise the
management on critical business aspects.
The concerted efforts being taken by the Board and the management are aimed towards
achieving robust growth to consistently generate higher value for shareholders.
=END=
Note to Editors:
About ZEE Entertainment Enterprises Ltd.
Zee Entertainment Enterprises Ltd. is a leading content company offering entertainment content to diverse audiences. With a presence in over 190 countries and a reach of more than 1.3 billion people around the globe, ZEEL is among the largest global Media & Entertainment Companies across genres, languages, and integrated content platforms.
Media Contacts: Parag.darade@zee.com| Chandni.mathur@zee.com
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Zee Entertainment Enterprises Limited published this content on 16 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 April 2024 04:29:01 UTC.