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'A sign from the Lord': Zee CEO informs on Sony merger breakdown from Ayodhya
Punit Goenka
Image posted by Punit Goenka on X

'A sign from the Lord': Zee CEO informs on Sony merger breakdown from Ayodhya

| @indiablooms | 22 Jan 2024, 11:34 pm

Ayodhya/IBNS: Zee Entertainment Enterprises Ltd (ZEEL) boss Punit Goenka Monday informed that a merger effort of his company with Japan's Sony Group Corp has fallen through while attending the Ram temple consecration ceremony in Uttar Pradesh's Ayodhya.

Sony Group Corp has sent a merger termination notice to ZEEL, along with a demand of $90 million for alleged breaches of the merger cooperation agreement by Goenka's company.

The ZEEL managing director and chief executive, who was among the high-profile guests invited at the Ram Temple Pran Pratishtha ceremony, in a post on X, alluded to the developments in his company as "a sign from the Lord".

"As I arrived at Ayodhya early this morning for the auspicious occasion of Pran Pratishtha, I received a message that the deal that I have spent two years envisioning and working towards had fallen through, despite my best and most honest efforts," Mr Goenka said.

"I believe this to be a sign from the Lord. I resolve to move ahead positively and work towards strengthening Bharat's pioneering M&E Company, for all its stakeholders. Jai Shri Ram," he said.

ZEEL held a board meeting on Monday to take note of the merger termination notice sent by Japan's Sony Group Corp.

Sony cited unmet conditions of the merger agreement as the reason for the termination in a letter sent to ZEEL. The merger, which was announced more than two years ago, hit an impasse over the leadership of the merged company, amid a market regulator probe into Goenka.

"ZEEL categorically denies all the assertions raised by Culver Max and BEPL on the alleged breaches under the terms of the MCA, including their claims for the termination fee," ZEEL said in an exchange filing.

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