It has also claimed damages of nearly Rs 748 crore, alleging breach of contract terms.
Sony Pictures is currently operating under the name 'Culver Max Entertainment'.
On December 22, 2021, the company entered into a two-year merger agreement with Zee.
However, the differences between the two parties could not be resolved. As a result, Sony has announced that it will now terminate the contract.
Zee, which has denied Sony's allegations against them, said it was fully committed to the merger.
Also, Sony has said that it is exploring all possibilities, including taking legal action against the company.
The path traversed
September 2021: 'Zee' board approves merger with 'Sony Pictures Networks India'.
February 2022: IndusInd Bank files bankruptcy case against Zee.
October 2022: The Competition Authority of India approves the merger.
December 2022: IDBI Bank moves the National Company Law Tribunal against Zee to recover dues of Rs 149.60 crore.
August 2023: NCLD approves the merger, rejecting the banks' objections.
November 2023: After the merger, Puneeth Goenka was replaced by N.P. Sony forced Singh to lead the company.
December 2023: Gee seeks extension of merger deadline.
January 22, 2024: Sony officially announces termination of merger agreement.
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