Zee Entertainment should focus on cost cuts: Panel
A board-appointed committee advises that the identified business verticals will need to substantially reduce losses and enhance their performance levels.
A board-appointed committee advises that the identified business verticals will need to substantially reduce losses and enhance their performance levels.
The three-member committee will be headed by former Allahabad High Court judge Dr Satish Chandra and will have Uttam Prakash Agarwal and P V R Murthy as the independent directors.
Both companies have reportedly engaged in talks in Mumbai in their last-ditch efforts to save $10 billion
Chandra family owns 3.99% stake in ZEE while domestic institutions and foreign institutional investors own 43.59% and 28.19% stake, respectively.
The development comes almost a week after Sony Group Entities put an end to two-year-long merger negotiations with Zee citing the inability of the latter to fulfill the merger agreement.
ZEE says it has also started "appropriate legal action" to contest Sony, BEPL’s claims in arbitration proceedings before SIAC
Sony Group says it is engaged in ongoing talks regarding a potential merger between its Indian subsidiary and Zee
The company’s statement comes a day after ZEE sought more time for the proposed merger with Sony Pictures Network India, now known as Culver Max Entertainment Private Limited.
Cut-off date for Zee-Sony merger was Dec 22, 2023; to be delayed now from earlier set deadline of Jan 2024
ZEEL’s former chairman Subhash Chandra and his son and MD & CEO Punit Goenka have been barred from holding directorial, key managerial roles in any listed company or its subsidiaries.