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Zee Entertainment Enterprises has refuted recent speculation about negotiations with Sony Group Corp to resurrect their $10-billion merger deal, contradicting earlier reports

Zee Entertainment denies the $10-billion merger revival talks with Sony

<h2>Zee Entertainment Enterprises has refuted recent speculation about negotiations with Sony Group Corp to resurrect their $10-billion merger deal, contradicting earlier reports</h2>

Zee Entertainment Enterprises has firmly denied engaging in any negotiations with Sony Group regarding their previously proposed $10-billion merger deal. This denial comes in response to recent speculation hinting at a potential revival of talks between the two media giants.
In an official exchange filing on Tuesday, February 20, Zee Entertainment stated, "We would like to clarify that the company has not been involved in any negotiations, or any other event as stated in the above-mentioned article, and we categorically confirm that the above-mentioned news item is factually incorrect."
The company further emphasized, "We wish to clarify that the company is not aware of any information that has not been announced to the exchanges which could explain the aforesaid movement in the trading, and we are not in a position to determine the material impact of the above-mentioned article on the company."
Previous reports from The Economic Times had suggested that Zee Entertainment Enterprises was attempting to resurrect the merger deal with Sony Group Corp, which was officially terminated on January 22. However, despite reported meetings between representatives of both companies in Mumbai in recent weeks, significant hurdles are said to remain unresolved.
Insiders familiar with the matter have indicated that executives from both Zee and Sony are standing firm on their respective positions, raising doubts about the potential success of revived negotiations. This uncertainty has impacted Zee Entertainment Enterprises' stock performance, which rallied over 10% on Tuesday following the speculation regarding the merger's revival, as per CNBC TV 18.
However, with Zee Entertainment's denial of any ongoing negotiations, the situation remains uncertain, leaving investors and industry watchers eager for further developments.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/zee-sony-deal-fallout-punit-goenka-plans-recalibration-of-cost-structure-hints-at-layoffs-1707882965379">Zee-Sony deal fallout: Punit Goenka plans recalibration of cost structure, hints at layoffs</a>
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Zee is planning a frugal approach which would involve controlling the manpower for an 18 to 20% EBITDA margin with 8-10% CAGR revenue growth

Zee-Sony deal fallout: Punit Goenka plans recalibration of cost structure, hints at layoffs

<h2>Zee is planning a frugal approach which would involve controlling the manpower for an 18 to 20% EBITDA margin with 8-10% CAGR revenue growth</h2>

After the fallout of the merger deal with Sony, Zee Entertainment Managing Director Punit Goenka, at an investors' call hinted at layoffs saying the company is planning to put in place a 'frugal approach' for an 18 to 20% EBITDA margin with 8-10% CAGR revenue growth.
He added that this would include, "cutting spends, reducing the number of new content properties, and a complete re-evaluation of the firm's sports portfolio".
&ldquo;Over the last three decades, Zee has been recognised for its fiscal prudence across the industry, and going forward, there will be a sharper emphasis on frugality, with a crystal-clear focus on quality and output,&rdquo; Goenka said
<h3>Layoffs at Zee</h3>
Goenka while talking abut the frugal approach mentioned that this would include controlling the manpower.
"Tightening our belt on manpower will be part of the plan going forward as we talk about frugality," Goenka said. "I am not saying that there's going to be large levels of layoffs, but we will have to see which are the overlaps," he added.
Also Read: <a href="https://www.editorji.com/business-news/zee-sony-merger-deal-fallout-here-s-everything-you-need-to-know-1706528120457">Zee-Sony merger deal fallout; Here's everything you need to know</a>
Further, Goenka's plans include recalibration of cost structure for businesses like OTT or the implementation of content and tech strategies to drive revenues along with curtailing certain outputs of the firm to improve the revenues and margins.
The company reported a 140% increase in profit at Rs 58.5 crore in the December quarter of FY24 up from Rs 24.32 crore during the same period a year ago.&nbsp;
Meanwhile Zee's Chief Financial Officer Rohit Gupta mentioned that the overall operating costs decline last quarter and the EBITDA declined to 10.2% despite the firm's effective cost management&nbsp;
"In Q3FY24, overall operating costs declined by 12.8 percent quarter-on-quarter (QoQ) due to lower content costs, fewer movie releases and continuous cost optimization in Zee5. Given our business has high operating leverage, despite effective cost management, EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) margins has declined to 10.2 percent. Net profit for the quarter and year was impacted by merger expenses related exceptional items which came to about Rs 60.3 crore during the quarter," said Chief Financial Officer Rohit Gupta.

Zee shares saw an uptick after NCLT accepted the plea filed by the firm to revive the merger deal with Sony and an emergency arbitration is set up to be held in Singapore on January 31

Zee shares spike amid NCLT's plea acceptance and emergency arbitration in Singapore

<h2>Zee shares saw an uptick after NCLT accepted the plea filed by the firm to revive the merger deal with Sony and an emergency arbitration is set up to be held in Singapore on January 31</h2>

The National Company Law Tribunal has accepted the plea filed by Zee to revive the merger deal with Sony.
On Tuesday, Mumbai bench of NCLT issued a notice on a petition moved by Mad Men Film Ventures, a shareholder of Zee Entertainment Enterprises (ZEEL), directing Sony Pictures Network India, now known as Culver Max, to file a reply within three weeks.
Plea in NCLT
Zee Entertainment Enterprise had moved the National Company Law Tribunal (NCLT) and Singapore International Arbitration Centre (SIAC) against Sony Pictures Network India's termination of the merger deal on January 25.
Also Read: <a href="https://www.editorji.com/business-news/zee-sony-merger-deal-fallout-here-s-everything-you-need-to-know-1706528120457">Zee-Sony merger deal fallout; Here's everything you need to know</a>
The firm in a regulatory filing said that they had moved the Mumbai bench of NCLAT "seeking directions to implement the merger scheme".
<h3>Emergency Arbitration</h3>
Meanwhile, hearing for an emergency arbitration in the Zee Entertainment - Sony merger will take place at the Singapore International Arbitration Centre (SIAC) on Wednesday, 31 January, reported CNBC-TV18.
Following this, the shares of Zee saw an uptick on Tuesday. The shares gained up to 8% in the morning priced at Rs 175 a piece.
Two-years of intense negotiation on the eagerly awaited Zee-Sony merger came to an end when Sony terminated the proposal on January 22. At the heart of the merger's failure was the inability of the parties to reach a consensus on who would be heading the merged entity. Reports suggested that Zee wanted its CEO and MD Punit Goenka to lead the newly formed firm while Sony wanted its CEO N P Singh to preside at its helm.

Amidst the fallout of the Zee-Sony merger deal, Zee's founder Subhash Chandra has threatened criminal action against Sony, even as a section of shareholders has asked the board to make the termination letter by Sony public 

Zee-Sony merger deal fallout; Here's everything you need to know

<h2>Amidst the fallout of the Zee-Sony merger deal, Zee's founder Subhash Chandra has threatened criminal action against Sony, even as a section of shareholders has asked the board to make the termination letter by Sony public&nbsp;</h2>

Two-years of intense negotiation on the eagerly awaited Zee-Sony merger came to an end when Sony terminated the proposal on January 22. What followed was a series of legal threats from Zee and $90 million termination fee demand by Sony.
"Although we engaged in good faith discussions to extend the end date under the merger cooperation agreement, we were unable to agree upon an extension by the January 21 deadline. After more than two years of negotiations, we are extremely disappointed that closing conditions to the merger were not satisfied by the end date," Sony said in its statement issued on January 22.
At the heart of the merger's failure was the inability of the parties to reach a consensus on who would be heading the merged entity. Reports suggested that Zee wanted its CEO and MD Punit Goenka to lead the newly formed firm while Sony wanted its CEO N P Singh to preside at its helm.
Meanwhile, tensions continued to rise as capital markets regulator SEBI imposed a ban on Zee's Punit Goenka prohibiting him from holding any managerial position during an investigation into allegations of fund siphoning. Eventually, SEBI lifted the ban. However, Sony continued to have reservations on giving the reins to Goenka.
<h3>The Zee-Sony merger&nbsp;</h3>
The proposed merger aimed to create a formidable 74-channel media giant, granting Sony a substantial market share in Indian media landscape. Sony committed to invest $1.6 billion, expecting to hold 53% in the combined entity. The merged entity was poised to become India's fourth-largest media company behind Google, Meta and Disney-Star.
Also Read: <a href="https://www.editorji.com/business-news/markets/sony-zee-merger-called-off-sony-ends-talks-with-zee-due-to-dispute-over-leadership-of-merged-entity-1705910814762">Sony-Zee merger called off: Sony ends talks with Zee due to dispute over leadership of merged entity</a>
The original merger agreement also included a provision for a substantial $100 million penalty if either party chose to walk out. However, this clause became null and void after the expiration of the December 21 deadline.
<h3>Legal battles ahead</h3>
The termination of deal has also led to legal battles ahead. While Sony is seeking a $90 million termination fee and has invoked arbitration and legal actions against Zee for alleged breaches, Zee has moved the National Company Law Tribunal (NCLT) and Singapore International Arbitration Centre (SIAC) against Sony Pictures Network India's termination of the merger deal.
Also Read: <a href="https://www.editorji.com/business-news/zee-moves-nclat-against-sony-india-s-termination-of-merger-deal-1706154804963">Zee moves NCLAT against Sony India's termination of merger deal</a>
Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute. In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court.
Mint quoted media lawyers and said that the next steps in arbitration involve notifying the SIAC if the parties have already chosen arbitrators. If not, Sony will request the SIAC to set up the arbitration tribunal. The outcome of NCLT's decision will play a crucial role in the matter.
Meanwhile, Zee's founder Subhash Chandra in an interview to the Economic Times has accused Sony of intentionally scuttling the deal, questioning Sony's intent behind the now scrapped $10 billion deal despite his firm's offer to have Punit Goenka step aside from the CEO's post. He also went on to threaten criminal action against Sony.&nbsp;
In the interview, Chandra claimed that Zee met all the terms laid out in the deal and it was Sony's "strategy all along to engage with Zee and eventually withdraw, portraying Zee as vulnerable".
<h3>Shareholders demand transparency</h3>
Anticipating a long legal battle, a section of Zee's public shareholders have reportedly written to the company seeking details of the chain of events that led to the termination of the merger agreement with Sony Pictures Network. As per Moneycontrol, in a letter addressed to R Gopalan, Chairman of board, the shareholders, comprising foreign portfolio investors (FPI), mutual funds and retail investors, have asked for the contents of Sony&rsquo;s termination letter to be made public.
The shareholders have also questioned the board of as to why it did not present the true picture of the negotiations with Sony. Meanwhile, the Zee-Sony merger collapse has led to a decline in the Zee shares which have gone down about 32% in the last 5 days.
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Zee in a regulatory filing has mentioned that it compiled with all its obligations in good faith and refuted all claims of Sony of not meeting the merger conditions while refusing Sony's demand of $90 million termination fee

Zee moves NCLAT against Sony India's termination of merger deal

<h2>Zee in a regulatory filing has mentioned that it compiled with all its obligations in good faith and refuted all claims of Sony of not meeting the merger conditions while refusing Sony's demand of $90 million termination fee</h2>

Zee-Sony merger:&nbsp;Zee Entertainment Enterprise has moved the National Company Law Tribunal (NCLT) and Singapore International Arbitration Centre (SIAC) against Sony Pictures Network India's termination of the merger deal.
The firm in a regulatory filing said that they had moved the Mumbai bench of NCLAT "seeking directions to implement the merger scheme".&nbsp;
<h3>Zee contests deal termination</h3>
In a regulatory filing, Zee has mentioned that it compiled with all its obligations in good faith and refuted all claims of Sony of not meeting the merger conditions. Zee further added that Culver Max and BEPL are not entitled to terminate the merger agreement.
Moreover, Zee has also denied Sony's demand of $90 million termination fee, stating that such a demand is "legally untenable and has no basis whatsoever".
Also Read: <a href="https://www.editorji.com/business-news/markets/zee-sony-merger-saga-punit-goenka-says-deal-termination-is-a-sign-from-the-lord-1705918795703">Zee-Sony merger saga: Punit Goenka says deal termination is a 'sign from the Lord'</a>
Culver Max and BEPL are in "default of their obligations" to bring the merger into effect, Zee added, while pointing out that the merger had already received the nod from the NCLT last year.
"The company has called upon Culver Max and BEPL to immediately withdraw the termination and confirm that they will perform their obligations to give effect to and implement the merger scheme," Zee further noted.
<h3>Deal termination</h3>
Sony through a termination notice had called off the the proposed merger which would have created a $10 billion media entity on January 22.&nbsp;
"Although we engaged in good faith discussions to extend the end date under the merger cooperation agreement, we were unable to agree upon an extension by the January 21 deadline. After more than two years of negotiations, we are extremely disappointed that closing conditions to the merger were not satisfied by the end date," Sony said in its statement issued on January 22.
Also Read: <a href="https://www.editorji.com/business-news/markets/zee-sony-saga-zee-set-to-take-legal-action-as-sony-seeks-90-mn-termination-fee-for-breach-of-agreement-1705914796239">Zee-Sony saga: Zee set to take legal action as Sony seeks $90 mn termination fee for breach of agreement</a>
As per the merger agreement, inked on December 22, 2021, Zee and Sony Pictures Networks India (now known as Culver Max), along with Bangla Entertainment Pvt Ltd, were to be merged into a single entity within 24 months.
As the deadline was crossed last month, both companies had been involved in a month-long negotiation. As per media reports, the negotiation failed as both the parties failed to reach a consensus on who would be heading the merged entity. Reports suggested that Zee wanted its CEO and MD Punit Goenka to lead while Sony wanted its CEO N P Singh to preside at its helm.

Culver Max Entertainment, previously Sony Pictures Networks India (SPNI), ended merger pacts with Zee Entertainment on Monday, thwarting the potential creation of a $10 billion media enterprise.

Zee shares tank more than 25% as Sony terminates $10 billion merger over unmet conditions

Culver Max Entertainment, previously Sony Pictures Networks India (SPNI), ended merger pacts with Zee Entertainment on Monday, thwarting the potential creation of a $10 billion media enterprise.

Shares of Zee Entertainment Enterprises Ltd tanked more than 25% on Tuesday, a day after Culver Max Entertainment (formerly Sony Pictures Networks India) called off its $10-billion merger with the Indian media group.
In the morning session, the 30-share BSE Sensex declined 133.76 points to trade at 71,289, while NSE Nifty fell 0.05 points to trade at 21,561
On Monday, Culver Max Entertainment, formerly known as Sony Pictures Networks India (SPNI), terminated merger agreements with Zee Entertainment, which could have otherwise created a $10 billion media enterprise in the country.
"SPNI, a wholly-owned subsidiary of Sony Group Corporation, today issued a notice terminating the definitive agreements entered into by SPNI and Zee Entertainment Enterprises Ltd (ZEEL) relating to the merger of ZEEL with and into SPNI, which was...announced on December 22, 2021," a statement by Sony Group Corporation said on Monday.
Sony sent the termination notice to Subhash Chandra family-promoted media and entertainment firm following a stalemate over who will lead the merged entity, besides not satisfying other conditions for the merger.
Sony is also seeking $90 million as break-up fees for violating the terms of the merger pact and "invoking arbitration", which ZEEL said it will contest legally.
On the other hand ZEEL said it has spent ₹366.59 crore on compliances till September 2023 for its merger with Sony.
The company spent ₹176.20 crore in the financial year that ended in March 2023. Besides, it spent ₹190.39 crore in the first six months of the current fiscal, according to a regulatory filing by ZEEL.
On December 17 last year, ZEEL had sought an extension of the deadline from Culver Max and Bangla Entertainment Pvt Ltd (BEPL) under the 2021 agreement.
SPNI had initially said that it had not yet agreed to the deadline extension request by ZEEL. But later, it agreed to discuss the matter.
The proposed $10-billion merger had already received regulatory approvals from fair trade regulator CCI, NSE and BSE, shareholders and creditors of the company.
In August last year, the Mumbai bench of the National Company Law Tribunal (NCLT) also gave a go-ahead to the merger. <a href="https://www.editorji.com/business-news/markets/sony-zee-merger-called-off-sony-ends-talks-with-zee-due-to-dispute-over-leadership-of-merged-entity-1705910814762#google_vignette">Sony-Zee merger called off: Sony ends talks with Zee due to dispute over leadership of merged entity</a>

Announced two years ago, the merger sought to create India’s biggest broadcaster. But, challenges meeting pre-merger conditions led to dissatisfaction among parties.

Zee Entertainment denies reports claiming termination of Sony merger deal

Announced two years ago, the merger sought to create India&rsquo;s biggest broadcaster. But, challenges meeting pre-merger conditions led to dissatisfaction among parties.

Zee Entertainment has denied recent media reports circulating about the purported termination of the much-anticipated $10 billion merger with Sony Pictures' India division. In a definitive statement released on Tuesday through a stock exchange filing, the Puneet Goenka-led company dismissed these assertions, labelling them as baseless and factually inaccurate.
The company went on to reaffirm its steadfast commitment to the merger with Sony, emphasizing its ongoing efforts toward achieving a successful conclusion to the proposed amalgamation.
This clarification swiftly influenced the stock market, initially witnessing a 10% decline at the opening bell, which later subsided to a decrease of around 7% by 3:30 pm.
Initially announced two years ago, the merger aimed to forge India&rsquo;s largest broadcast company, intending to combine the expansive resources of both entities. However, complications arose in meeting certain conditions preceding the merger, fostering discontentment between the involved parties.
Issues surrounding the appointment of ZEEL MD Punit Goenka as the CEO of the merged entity persisted due to allegations of financial irregularities. The Securities and Exchange Board of India (SEBI) in June implicated Goenka and Zee Group Chairman Subhash Chandra in the diversion of company funds. While the Securities Appellate Tribunal lifted the ban on Goenka in October, concerns surrounding his leadership role lingered.
The Goenka family, possessing a 3.99% equity stake in ZEEL, further contributed to the intricate dynamics of this merger saga.
Anticipated to encompass over 70 TV channels, two video streaming services (ZEE5 and Sony LIV), and two film studios (Zee Studios and Sony Pictures Films India), the combined entity aimed to dominate India's entertainment landscape. The merger agreement was solidified in December of the preceding year.
Also Watch: <a href="https://www.editorji.com/business-news/sony-may-call-off-10-billion-merger-with-zee-amid-leadership-conflict-report-1704718578169#google_vignette">Sony may call off $10 billion merger with Zee amid leadership conflict: Report</a>

Zee-Sony Merger: Zee Entertainment's merge with Sony hits a roadblock as Zee seeks a deadline extension for finalizing the deal.

Zee-Sony Merger: Zee Entertainment's merger with Sony hits roadblock as Zee seeks extension for closure

The reappointment bids for independent directors Vivek Mehra and Sasha Mirchandani were rejected, falling short of the necessary 75% shareholder approval for special resolutions. Additionally, Adesh Kumar Gupta withdrew his candidature before the AGM.

Zee Entertainment's merger with Sony hits roadblock as Zee seeks extension for closure

<h2>The reappointment bids for independent directors Vivek Mehra and Sasha Mirchandani were rejected, falling short of the necessary 75% shareholder approval for special resolutions. Additionally, Adesh Kumar Gupta withdrew his candidature before the AGM.</h2>

Zee-Sony Merger: Zee has approached Sony Pictures India, seeking additional time to finalize their anticipated $10 billion merger. This delay comes amidst growing unrest among investors in India's leading publicly traded entertainment company. The cut-off date for the merger is December 22, 2023, two years from when the merger agreement between the two media companies was signed on December 21, 2021.
In a recent development, Zee encountered setbacks during its annual general meeting (AGM). The reappointment of two independent directors, Vivek Mehra and Sasha Mirchandani, faced rejection as the proposals failed to secure the required 75% approval from shareholders for special resolutions. Furthermore, Adesh Kumar Gupta withdrew his candidature just days before the AGM, citing personal reasons, rendering his reappointment ineffective.
<h3>Lack of clarity surrounding extension request</h3>
Zee's notification to the stock exchanges on Sunday remained cryptic, omitting specifics about the extension request made to Sony. It remains uncertain whether Sony will accede to Zee's appeal for an extension, adding further ambiguity to the situation.
<h3>Background and implications of the merger</h3>
The proposed merger, initially disclosed in September 2021, aims to amalgamate Zee's linear networks, digital assets, production operations, and program libraries with SPNI. This combined entity would boast a colossal repository comprising over 70 TV channels, two video streaming services (ZEE5 and Sony LIV), and two prominent film studios (Zee Studios and Sony Pictures Films India).
<h3>Board reshuffling and CEO selection</h3>
In response to the board's reshuffling, Zee promptly appointed three new independent directors &ndash; Venkata Ramana Murthy Pinisetti, Shishir Babubhai Desai, and Uttam Prakash Agarwal &ndash; effective from December 17, 2023. These appointments followed the failure to reappoint Mehra and Mirchandani and are crucial amid reports indicating tensions between Zee and Sony regarding the potential leadership of Punit Goenka post-merger.
The unfolding developments within Zee Entertainment underscore the complexities surrounding the merger with Sony, including board dynamics and leadership transitions. The company's pursuit of an extension for the merger signals critical negotiations underway, pivotal for shaping the future contours of India's media and entertainment landscape.
Also Watch: <a href="https://www.editorji.com/business-news/sony-india-and-zee-entertainment-merger-enters-final-stages-closure-expected-in-november-1697613232377#google_vignette">Sony India and Zee Entertainment merger enters final stages, closure expected in November</a>

Zee and Sony merger will benefit 96% of the company's shareholders and the merger is on track to complete by September, said Zee's CEO and MD Punit Goenka in an interview

ZEE-Sony merger to happen, whether I'm CEO or not: Punit Goenka

Zee and Sony merger will benefit 96% of the company's shareholders and the merger is on track to complete by September, said Zee's CEO and MD Punit Goenka in an interview

Zee Entertainment Enterprises MD &amp; CEO Punit Goenka stated that the ZEE-Sony merger will proceed whether or not he serves as the merged company's CEO because it benefits 96% of stakeholders.
Speaking for the first time in an interview with Economic Times after SEBI's order, Goenka acknowledged Sony's comment on SEBI's order, and said that during his regular meetings with Sony, there was no indication of any kind of hesitation regarding the merger.
On Wednesday, as per a Reuters report, Sony had said that it was taking the Sebi order seriously, and that it is tracking developments which 'may affect' deal with Zee.&nbsp;
Goenka expressed his hope that the merger would be completed by September, the timeframe Sony recently provided in a statement.
Although both companies plan to close the merger deal by September, Goenka said &nbsp;'Our current contractual drop-off date is December 20, 2023'. And if there is any potential delay then 'We can go up until December 2023'
Upon the question of merger-related job attrition at Sony and Zee, Goenka said 'you will hardly see any attrition because both networks have to continue to run. They can't shut down those channels. And each channel requires a certain number of people on the programming, marketing, and sales sides. So you won't see much attrition there. When we merge the two OTT platforms, let's say two years down the line, you will see some attrition happening'&nbsp;
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Zee sought Sebi in 2022 to settle the matter after SEBI opened an investigation into the allegations 

ZEE settles the 2019 delayed disclosure case with SEBI for ₹7 lakh

Zee sought Sebi in 2022 to settle the matter after SEBI opened an investigation into the allegations&nbsp;

Zee Entertainment Enterprises Ltd on Wednesday settled with markets regulator Sebi in a 2019 case pertaining to an alleged violation of regulatory norms.
Zee Entertainment Enterprises Ltd (ZEEL) paid ₹7 lakh as a settlement fee to the regulator.
The order came after ZEEL proposed to settle the pending proceedings "without admitting or denying the findings of fact and conclusion of law" through a settlement order.
The instant adjudication proceedings initiated against the applicants (ZEEL) vide show cause notice (SCN) dated July 15, 2022, are disposed of," Sebi's Adjudicating Officer Vijayant Kumar Verma said in the settlement order.
Background of the matter
Sebi conducted an examination in the scrip of the applicant (ZEEL), to ascertain any possible violation of the provisions of insider trading norms and SAST (Substantial Acquisition of Shares and Takeovers) during January-December 2019 by the applicant.
The regulator in its examination report observed that ZEEL made delayed disclosure (54 days in three instances and 27 days in two instances) to the exchanges with respect to the invocation of pledged shares.
Therefore, it was alleged that ZEEL violated PIT (Prohibition of Insider Trading) rules. Accordingly, the regulator initiated adjudication proceedings against the Applicant for violating the market norms.
Thereafter, a show cause notice was issued in July 2022 to Zee Entertainment Enterprises Ltd for the alleged violation of regulatory norms.
Following this, ZEEL filed the settlment application with Sebi and proposed to settle the alleged violations on payment of ₹7 lakh as settlement

Sony issued the statement in response to reports suggesting that Sony will continue with the Zee-Sony merger despite the SEBI order. 

Sony taking SEBI's order on ZEE founder and CEO 'seriously' 

Sony issued the statement in response to reports suggesting that Sony will continue with the Zee-Sony merger despite the SEBI order.&nbsp;

Sony Pictures Entertainment said that it took the Indian markets regulator's order banning the founder and CEO of Zee from holding key positions in listed companies "seriously", as per a report by Reuters.&nbsp;&nbsp;
Sony has also said that it would continue to monitor developments that would have an impact on its agreement with Zee.
This is Sony's first comment after SEBI's order last week which banned Subash Chandra and Punit Goenka from holding any board positions for a year. This, for siphoning company funds to private entities and misusing their board seats.&nbsp;
Zee-Soney merger deal
Sony and Zee decided to merge their television channels, film assets and streaming platforms in late 2021. However, the deal has been delayed due to reasons including a legal battle with lenders over loan defaults by a Zee group entity and reports that stock exchanges were reconsidering approvals for the merger, as per Economic Times.
Petition with The Securities Appellate Tribunal
Subhash Chandra and Punit Goenka filed a petition with the Securities Appellate Tribunal challenging the SEBI order prohibiting them from serving as directors or other key management positions in any listed firm.
But, SAT refused to stay an interim order of the Securities and Exchange Board of India.

SEBI investigation revealed siphoning of funds in a well-planned manner. SEBI's order will remain in place until further notice. 

SEBI bars Subhash Chandra & Punit Goenka from holding directorial, key managerial roles

SEBI investigation revealed siphoning of funds in a well-planned manner. SEBI's order will remain in place until further notice.&nbsp;

India's capital market regulator SEBI barred Subhash Chandra, the chairman of the Essel Group, and his son Punit Goenka, MD and CEO of Zee Entertainment Enterprises (ZEEL), from holding any directorial or senior managerial positions in any listed company.&nbsp;
SEBI's interim order issued late on Monday, was the result of an inquiry that revealed that the two had abused their board seats at Zee, syphoning off funds for their own benefit. The regulator has given Zee seven days to present this order to its board. SEBI has also given Subhash Chandra and Punit Goenka 21 days to file their reply/objections.&nbsp; This development comes at a time when Zee is seeking regulatory approvals to merge with Sony's India arm, Sony Pictures Network. SEBI's order is likely to be extremely damaging to this deal.&nbsp;
The background of SEBI's order
Following the resignation of two independent Zee Entertainment directors Sunil Kumar and Neharika Vohra in November 2019, an investigation into both parties, Subhash Chandra Goenka and Punit Goenka began.&nbsp; Among the concerns raised by Vohra and Kumar was about a ₹200 crore fixed deposit of Zee's which was adjusted by Yes Bank to settle a loan taken by certain related entities. However, the loan guarantees were granted without the Zee board's consent.
Chandra had provided a &ldquo;Letter of Comfort&rdquo; or LoC dated September 4, 2018, that was towards a Rs 200 crore loan outstanding &nbsp;Essel Group Mobility. The letter said that the Rs 200 crore FD available with Yes Bank from any of the Essel Group companies, including ZEEL, could be taken to settle it.&nbsp; With this ₹200 crore from Zee, Yes Bank paid off the loans of seven affiliated enterprises. It later turned out that these seven entities were owned by Subhash Chandra and Punit Goenka's family members.
Zee Entertainment stated in its response to SEBI that the money was fully reimbursed between September 26, 2019, and October 10, 2019.&nbsp;
Further investigation by SEBI revealed that Zee owned the money that was returned. To demonstrate that money was being returned by affiliated businesses, it was routed through a number of other businesses.&nbsp;
&ldquo;The funds had followed a circuitous route where funds originated from ZEEL/listed companies of Essel Group, passed through various entities owned or controlled by Promoter Family and ultimately ended up with ZEEL,&rdquo; SEBI said in its order.

In order to finish the merger with Sony, Zee has started settlement talks with its creditors to repay its debt

Ahead of merger with Sony, Zee begins settlement talks with creditors to create $10 billion media giant

In order to finish the merger with Sony, Zee has started settlement talks with its creditors to repay its debt

Zee Entertainment Enterprises Ltd has started settlement talks with its creditors to repay its debts. This would remove the last hurdle the entertainment giant has to complete its merger with the Sony group. This merger is expected to create a media giant worth $10 billion.
Zee has offered IDBI to repay a loan of about ₹ 1.49 billion in different tranches. IDBI is one of the creditors that moved the insolvency court against Zee. As per reports, the Indian television network is also in talks with Axis Bank Ltd. and JC Flowers &amp; Co.&rsquo;s asset reconstruction unit to settle dues worth ₹ 400 million each made to entities controlled by them.&nbsp;
Zee in a regulatory filing has said that it had repaid the dues of one of its creditors IndusInd bank. IndusInd bank had also objected to the merger of Zee and Sony. However, after this repayment of the dues the bank will withdraw its objections against the merger, said the filing.
As per Bloomberg, the repayments are crucial for the merger, which will create a media firm with the biggest viewership and pricing power in the country of more than 1.4 billion people. Sony Pictures Networks India Pvt. will own a little more than half the shares once the deal is completed and Zee&rsquo;s founders will hold 3.99% while public shareholders will get the rest.
As per the exchange filings, Zee's biggest investor Atlanta-based Invesco Developing Markets Fund that held 18% shares during the time of announcement of the merger, exited its entire holdings as of last week. The sixteen-month-old merger agreement was approved in October.

In a first-of-its-kind development, Disney Star who had won the India rights for ICC tournaments for TV and Digital has sublicensed the Men's Event's TV rights to rival broadcaster Zee Entertainment Enterprises for an unknown amount.
Zee now has the rights to live telecast the ICC men's events for the next cycle of 2024 to 2027. Star who had won the collective TV and digital rights for a whopping $3 billion will only live stream the matches on its digital platform Disney+Hotstar.
The 2 companies in their statement said that they have entered a strategic licensing agreement where in Star will license TV rights of the ICC Men's and Under-19 events to Zee; ICC has also approved the arrangement.
While Zee has TV broadcasting rights, viewers can watch the matches on Disney+Hotstar online. Star also bagged the IPL TV rights whereas Mukesh Ambani's Viacom18 got the digital rights.

Disney Star sublicenses ICC TV rights to Zee

ICC Men's tournament
Television- ZEE
Digital- Disney+Hotstar
IPL:
Television- Star
Digital- Viacom18

Zee now has the rights to live telecast the ICC men's events for the next cycle of 2024 to 2027.

In a first-of-its-kind development, Disney Star who had won the India rights for ICC tournaments for TV and Digital has sublicensed the Men's Event's TV rights to rival broadcaster Zee Entertainment Enterprises for an unknown amount.
Zee now has the rights to live telecast the ICC men's events for the next cycle of 2024 to 2027. Star who had won the collective TV and digital rights for a whopping $3 billion will only live stream the matches on its digital platform Disney+Hotstar.
<a href="https://www.editorji.com/sportsblog/cricket/asia-cup-2022-india-vs-hong-kong-live-score-ind-vs-hk-t20-match-updates-highlights-streaming-203">Check India vs Hong Kong LIVE SCORE UPDATES HERE</a>
The 2 companies in their statement said that they have entered a strategic licensing agreement where in Star will license TV rights of the ICC Men's and Under-19 events to Zee; ICC has also approved the arrangement. Also Read <a href="https://www.editorji.com/sports-news/cricket/jasprit-bumrah-to-make-a-comeback-soon-1661887253355">Jasprit Bumrah to make a comeback soon?</a>
While Zee has TV broadcasting rights, viewers can watch the matches on Disney+Hotstar online. Star also bagged the IPL TV rights whereas Mukesh Ambani's Viacom18 got the digital rights.

Zee is rushing against time to seal the merger deal with Sony in the 90-day period prescribed by it's arrangement. To ward off a management change by Invesco, Zee CEO Punit Goenka travelled to Los Angeles last week and met the senior leadership of Sony. 
Invesco, the single-largest shareholder in ZEE with a 17.88% stake, has taken the company to the courts over management control and other issues.
Sources tell ET that Zee and Sony are set to sign a binding merger agreement before Christmas. The merger will include a rejig of the board where five of the nine-member board will likely be top Sony executives.
While Goenka will mostly continue to lead the merged company as its CEO, he will be the only ZEE executive to have a board seat as per reports. 

Puneet Goenka flies to LA, will Zee seal the merger with Sony?

Zee-Sony merger moves to showcase finale

Zee, Sony close in on mega merger; Puneet Goenka travels to Los Angeles: ET

Zee is rushing against time to seal the merger deal with Sony in the 90-day period prescribed by it's arrangement. To ward off a management change by&nbsp;Invesco, Zee&nbsp;CEO Punit Goenka travelled to Los Angeles last week and met the senior leadership of Sony.&nbsp;
Invesco, the single-largest shareholder in ZEE with a 17.88% stake, has taken the company to the courts over management control and other issues.
Also watch |&nbsp;<a title="Bounce launches electric scooter with swappable battery! Ola gears for competition" href="https://www.editorji.com/business-news/bounce-launches-electric-scooter-with-swappable-battery-ola-gears-for-competition-1638514874827">Bounce launches electric scooter with swappable battery! Ola gears for competition</a>&nbsp;
Sources tell ET that Zee&nbsp;and Sony&nbsp;are set to sign a binding merger agreement before Christmas. The merger will include a rejig of the board where&nbsp;five of the nine-member board will likely be top Sony executives.
While Goenka will mostly continue to lead the merged company as its CEO, he will be the only ZEE executive to have a board seat as per reports.&nbsp;

Nearly 300 daily wage workers have halted work on OTT show 'Dharavi Bank' following unpaid dues of almost a month.
The Federation of Western India Cine Employees (FWICE) says the workers were building the set of the Zee Studios backed series Dharavi Bank, starring Vivek Oberoi and Suniel Shetty, at the film city in suburban Goregaon.
Work came to a halt on Tuesday afternoon, since more than Rs 50 lakhs in unpaid wages are yet to be cleared by the production house.
Zee Studios in a statement has said, there is "no question of payment delays". The statement added, the fact is that there wasn’t any discipline of documentation from the crew employed. Zee says the payouts aren't held up due to any wilful delay.

Workers halt work on Vivek Oberoi and Suniel Shetty’s OTT show due to unpaid wages

Nearly 300 daily wage workers have halted work on OTT show 'Dharavi Bank' following unpaid dues of almost a month.

SUPER: About 300 workers halt work on OTT&nbsp;show 'Dharavi&nbsp;Bank'
SUPER: Work on set stopped after&nbsp;unpaid dues of almost a month
Nearly 300 daily wage workers have halted work on OTT show 'Dharavi Bank' following unpaid dues of almost a month.
SUPER:&nbsp;Zee Studios backed show&nbsp;stars&nbsp;Vivek Oberoi and Suniel Shetty
The Federation of Western India Cine Employees (FWICE) says the workers were building the set of the Zee Studios backed series&nbsp;Dharavi Bank,&nbsp;starring&nbsp;Vivek Oberoi and Suniel Shetty, at the film city in suburban Goregaon.
SUPER: Workers' body: ₹50 lakhs&nbsp;in wages&nbsp;pending from&nbsp;Zee&nbsp;Studios
Work came to a halt on Tuesday afternoon, since more than Rs 50 lakhs&nbsp;in unpaid wages are yet to be cleared by the production house.
SUPER: Zee&nbsp;Studios: no question of any wilful delay in payment of wages
SUPER: Zee&nbsp;Studios: asked for proper documentation of crew hired for set
Zee Studios in a statement has said, there is "no question of payment delays". The statement added, the fact is that there wasn&rsquo;t any discipline of documentation from the crew employed. Zee&nbsp;says the payouts aren't held up due to any wilful delay.

Work came to a halt on Tuesday afternoon, since more than Rs 50 lakhs&nbsp;in unpaid wages are yet to be cleared by the production house.

Nearly 300 daily wage workers have halted work on OTT show 'Dharavi Bank' following unpaid dues of almost a month.
The Federation of Western India Cine Employees (FWICE) says the workers were building the set of the Zee Studios backed series&nbsp;Dharavi Bank,&nbsp;starring&nbsp;Vivek Oberoi and Suniel Shetty, at the film city in suburban Goregaon.
Also watch|&nbsp;<a href="https://www.editorji.com/story/zee-bags-satellite-rights-for-yash-starrer-prashanth-neel-s-film-kgf-chapter-2-1629446639841" target="_blank">Zee bags satellite rights for Yash-starrer Prashanth Neel's film KGF: Chapter 2</a>
Work came to a halt on Tuesday afternoon, since more than Rs 50 lakhs&nbsp;in unpaid wages are yet to be cleared by the production house.
Zee Studios in a statement has said, there is "no question of payment delays". The statement added, the fact is that there wasn&rsquo;t any discipline of documentation from the crew employed. Zee&nbsp;says the payouts aren't held up due to any wilful delay.

Rakesh&nbsp;Jhunjhunwala&nbsp;bought 50 lakh&nbsp;shares of Zee&nbsp;Entertainment on Tuesday, which calculates to almost half a percent stake in the company.
Jhunjhunwala's&nbsp;stock trading firm Rare Enterprises picked up Zee&nbsp;Entertainment shares at Rs 220.44, which means his total investment was more than Rs 110 crore. This comes on a day when the shares surged 40 percent as Zee&nbsp;Entertainment's shareholders demanded the removal of MD Punit&nbsp;Goenka&nbsp;over corporate governance issues.
Also read/watch: Zee shareholders want to throw out MD &amp; board members
The stock ended the day at Rs 261.70, thus Rakesh's&nbsp;MTM&nbsp;gain for yesterday was Rs 20.5 crore.
BofA Securities Europe also acquired 48.65 lakh equity shares in Zee at Rs 236.2.

Zee Entertainment: Rakesh Jhunjhunwala buys 50,00,000 shares; BofA bets too

Rakesh&nbsp;Jhunjhunwala's Rare Enterprises and BofA together&nbsp;bought 1% stake in Zee&nbsp;Entertainment on a day the stock rallied over 40%

Rakesh Jhunjhunwala buys stake in Zee

The stock ended the day at Rs 261.70, thus Rakesh's&nbsp;MTM&nbsp;gain for yesterday was Rs 20.5 crore.

Rakesh&nbsp;Jhunjhunwala&nbsp;bought 50 lakh&nbsp;shares of Zee&nbsp;Entertainment on Tuesday, which calculates to almost half a percent stake in the company.
Jhunjhunwala's&nbsp;stock trading firm Rare Enterprises picked up Zee&nbsp;Entertainment shares at Rs 220.44, which means his total investment was more than Rs 110 crore. This comes on a day when the shares surged 40 percent as Zee&nbsp;Entertainment's shareholders demanded the removal of MD Punit&nbsp;Goenka&nbsp;over corporate governance issues.
Also read/watch: <a href="https://www.edtr.ai/adhh" target="_blank">Zee shareholders want to throw out MD &amp; board members</a>
The stock ended the day at Rs 261.70, thus Rakesh's&nbsp;MTM&nbsp;gain for yesterday was Rs 20.5 crore.
BofA Securities Europe also acquired 48.65 lakh equity shares in Zee at Rs 236.2.

Fans have been waiting with baited breath for KGF-Chapter 2 starring Kannada superstar Yash for three years now.
Filmmaker Prashanth Neel on Friday announced that the film's global satellite rights in all south-Indian languages has been parked with Zee. Reports say Zee Studios have invested a bomb for the satellite rights for the South Indian languages of the film. The film will release on Zee TV regional channels in Telugu, Tamil, Kannada and Malayalam.
Kannada star Yash who is portraying the character of Rocky Bhai in KGF series also shared the news with fans on social media.
The KGF fandom and action film lovers across the world are now looking forward to the release date of KGF Chapter 2. The film's producers are yet to make an official announcement.
KGF: Chapter 2 is one of the most awaited pan-Indian films that will head for a theatrical release later this year. The teaser received a thumping response from fans and expectations from the film are sky-high. 
Apart from Yash and Srinidhi Shetty, Bollywood superstar Sanjay Dutt will be seen as the lead antagonist Adheera in KGF Chapter 2. 
Meanwhile, 'Mohra' girl Raveena Tandon will also make a comeback with the film. She will be portraying the character of Ramika Sen, the politician with lots of grey shades in the character.
Prakash Raj among others will also be seen in a prominent role. 

Zee bags satellite rights for Yash-starrer Prashanth Neel's film KGF: Chapter 2

Exciting news for KGF&nbsp;fans! Prashanth&nbsp;Neel's&nbsp;film starring Kannada superstar Yash&nbsp;will be aired on Zee&nbsp;TV's&nbsp;regional channels for south Indian audiences

((Best posters grid / montage: 5 secs))
((Opening breathe from teaser))
Fans have been waiting with baited breath for KGF-Chapter 2 starring Kannada superstar Yash for three years now.
Super: Satellite rights for KGF: Chapter 2 starring Yash parked with Zee
Super: Zee&nbsp;TV regional channels will air film&nbsp;in south-Indian languages
Filmmaker Prashanth Neel on Friday announced that the film's global satellite rights in all south-Indian languages has been parked with Zee.
((show prashant's post on Twitter))
Reports say Zee Studios have invested a bomb for the satellite rights for the South Indian languages of the film. The film will release on Zee TV regional channels in Telugu, Tamil, Kannada and Malayalam.
((show Yash post on Twitter))
Kannada star Yash who is portraying the character of Rocky Bhai in KGF series also shared the news with fans on social media.
Super: No official release date out for KGF: Chapter 2 so far
The KGF fandom and action film lovers across the world are now looking forward to the release date of KGF Chapter 2. The film's producers are yet to make an official announcement.
((show teaser clips here))
KGF: Chapter 2 is one of the most awaited pan-Indian films that will head for a theatrical release later this year. The teaser received a thumping response from fans and expectations from the film are sky-high. 
((show Sanjay&nbsp;Dutt&nbsp;poster look of Adheera))
Super: Sanjay&nbsp;Dutt&nbsp;will be seen as the&nbsp;antagonist Adheera&nbsp;in KGF&nbsp;2
Apart from Yash and Srinidhi Shetty, Bollywood superstar Sanjay Dutt will be seen as the lead antagonist Adheera in KGF Chapter 2. 
((Show Raveena&nbsp;is red saree&nbsp;poster is out))
Super: Raveena&nbsp;Tandon&nbsp;plays shrewd politician Ramika&nbsp;Sen&nbsp;in the&nbsp;film
Meanwhile, 'Mohra' girl Raveena Tandon will also make a comeback with the film. She will be portraying the character of Ramika Sen, the politician with lots of grey shades in the character.
Prakash Raj among others will also be seen in a prominent role.

The KGF fandom and action film lovers across the world are now looking forward to the release date of KGF Chapter 2. The film's producers are yet to make an official announcement.

Fans have been waiting with baited breath for KGF-Chapter 2 starring Kannada superstar Yash for three years now.
Filmmaker Prashanth Neel on Friday announced that the film's global satellite rights in all south-Indian languages has been parked with Zee. Reports say Zee Studios have invested a bomb for the satellite rights for the South Indian languages of the film. The film will release on Zee TV regional channels in Telugu, Tamil, Kannada and Malayalam.
Kannada star Yash who is portraying the character of Rocky Bhai in KGF series also shared the news with fans on social media.
The KGF fandom and action film lovers across the world are now looking forward to the release date of KGF Chapter 2. The film's producers are yet to make an official announcement.
KGF: Chapter 2 is one of the most awaited pan-Indian films that will head for a theatrical release later this year. The teaser received a thumping response from fans and expectations from the film are sky-high. 
Apart from Yash and Srinidhi Shetty, Bollywood superstar Sanjay Dutt will be seen as the lead antagonist Adheera in KGF Chapter 2. 
Meanwhile, 'Mohra' girl Raveena Tandon will also make a comeback with the film. She will be portraying the character of Ramika Sen, the politician with lots of grey shades in the character.
Prakash Raj among others will also be seen in a prominent role.

Sensex, Nifty start the week with high volatility

Indian equity markets were very volatile in the opening session on Monday amid mixed Asian peers.
At 9:20 am the Sensex was 33 points in the green at 38,390 and the Nifty was trading 0.29% up at 11,367.
Infratel, Tata&nbsp;Motors, Hindalco, DRL and Tata&nbsp;Steel were the top Nifty gainers. Whereas M&amp;M, Kotak&nbsp;Mahindra&nbsp;Bank, Zee, HDFC&nbsp;Bank and UPL were the top losers.

11,367.15&nbsp; 33.30 (0.29%)
38,390.46 +33.28 +0.09%

Indian equity markets were very volatile in the opening session on Monday amid mixed Asian peers.
At 9:20 am the Sensex was 33 points in the green at 38,390 and the Nifty was trading 0.29% up at 11,367.
Infratel, Tata&nbsp;Motors, Hindalco, DRL and Tata&nbsp;Steel were the top Nifty gainers. Whereas M&amp;M, Kotak&nbsp;Mahindra&nbsp;Bank, Zee, HDFC&nbsp;Bank and UPL were the top losers.

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