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Wednesday, July 17, 2024

Sony unit says it is monitoring Indian regulator’s action against merger partner Zee


BENGALURU, June 21 (Reuters) – Sony Pictures Entertainment said on Wednesday it took Indian regulators’ decision to ban Zee Entertainment’s founder and chief executive from board positions “seriously” and would closely monitor developments that could affect its deal with Zee .

This is the first time Sony has commented since the Securities and Exchange Board of India (SEBI) was formed a year ago. prohibit Zee Group Chairman Subhash Chandra and CEO Punit Goenka announced last week that they had been actively involved in the transfer of company funds to entities related to the group.

Chandra and Goenkar have challenged the ban with India’s Securities Appellate Tribunal (SAT).

Zee and the Indian subsidiary of Sony Group Corporation of Japan (6758.T) Announcing the merger, which will create a $10 billion television business by 2021, Goenka will become managing director and CEO of the combined entity.

Goenka’s ban by SEBI has sparked fears of possible further delays.

The deal was delayed for a number of reasons, including notify News and reports from India’s antitrust regulator said the stock exchange was reconsidering approval for the merger.

In February, an Indian court stayed bankruptcy proceedings initiated by lender IndusInd Bank Ltd (INBK.NS) Sued Zee, and the company later settled the dispute with the lender.

Last year, Zee and Sony received praise for offering concessions such as pricing discounts to help ease regulatory concerns agree with in order to merge.

Zee shares rose 3.7 percent from an intraday high of 8.7 percent after Sony’s statement.

Zee did not immediately respond to a request for comment on Sony’s response.

Reporting by Sethuraman NR in Bengaluru and Aditya Kalra in New Delhi; Editing by Sohini Goswami and Jason Neely

Our standards: Thomson Reuters Trust Principles.


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