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Even though 52 percent institutional voters supported the resolution, bulk of the retail voted against it
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The head of Zee's commercial and strategic initiatives - Mukund Galgali - who has been with the group for 17 years, will assume responsibilities as acting CFO from June 19.
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The fundraising proposal comes after Sony scrapped its $10 billion mega merger earlier in January this year with Zee.
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'Today, I have a significant update to share. After nearly 44 years in my career, including a rewarding 25-year tenure at SPNI, I have decided to move on from my role as MD and CEO,' Singh said in a statement
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Culver Max and BEPL have failed to comply with their obligations as part of agreement in December 22, 2021, says Zee
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On April 16, ZEEL announced through a regulatory filing that it was withdrawing the merger implementation application filed before the NCLT, Mumbai, bench against Sony
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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, Zee said
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NCLAT junked creditors IDBI Bank and Axis Finance's contention urging the appellate tribunal to wait for the outcome of Zee's plea in the NCLT to enforce the merger
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IDBI bank and Axis bank urged NCLAT to adjourn the case pending till the National Company Law Tribunal (NCLT) decided the Zee's plea to enforce the merger. However, Zee argued that the pendency of the plea in NCLT will have no bearing on the present case and urged to NCLAT to continue hearing the case
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The company's revenue and monetization vertical head Rahul Johri has resigned; his team will now report directly to Goenka's office.
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IDBI Bank, IDBI Trusteeship and Axis Trusteeship challenged the National Company Law Tribunal (NCLT) order from August granting a legal sanction to the merger.
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The media firm's scrip rose over 10% intraday on Tuesday
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The mega merger between Zee and the Sony group was called off on January 22, with the latter issuing a termination letter to formally exit from the amalgamation agreement.
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In an earnings call, Hiroki Totoki, president, COO & CFO of Sony said India is a very appealing market where it would continue to invest.
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SIAC has determined that its emergency arbitrator has no jurisdiction or authority to injunct Zee from approaching the NCLT to implement the merger scheme, the company said in an exchange filing
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Shares sold between January 20 and January 30. Considering the average stock price of Rs177.11 apiece in this period, IPru MF has sold approximately Rs365.7 crore worth of shares.
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Zee had no disclosure to report regarding the claims made by its promoter Subhash Chandra about upping his stake from 4 percent to 26 percent.
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Zee-Sony merger: The shareholders, comprising foreign portfolio investors (FPI), mutual funds and retail investors, have asked the board why they were not given the true picture of the faltering merger process with Sony
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The company has approached the Mumbai-bench of NCLT, "seeking directions to implement the merger scheme", Zee said in a regulatory filing.
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ZEEL chief executive Punit Goenka and his father Subhash Chandra huffed and puffed and managed to blunt a series of adverse rulings against them by market regulator SEBI and company law adjudicator NCLT at the appellate level. That, however, did not prevent Sony Pictures from calling off its $10-billion merger deal with ZEEL. Here’s a look at the various cases.
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Our specially curated package of the most interesting articles to help you stay at the top of your game
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Brokerages such as Citi, CLSA and Motilal Oswal Financial Services have downgraded Zee Entertainment, forecasting a slump in valuations and increase in competitive intensity in the sector
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In another big blow, Sony is also seeking a termination fee of $90 million citing alleged breaches of the merger co-operation agreement (MCA) by Zee Entertainment.
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The aftermath of the merger fallout is likely to pose more problems for Zee than Sony as Zee may have to face a claim from Sony for the termination fee along with other financial commitments.
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If the Sony-Zee merger was completed, the combined entity would have owned over 70 TV channels, two video streaming services and two film studios
