Sony has voiced concerns about Mad Man’s application’s maintainability and stated that it has “no locus” to be involved in the situation.
Sony cannot impede proceedings while the case is still ongoing before the National Company Law Tribunal (NCLT), according to a new application submitted by ZEE shareholder Mad Man Film Ventures on Friday.
In his representation of the shareholder, senior attorney Mustafa Doctor stated, “They (Sony Pictures) are trying to get orders from the international tribunal.” We are only stating that this court prohibits respondents from acting in a way that is inconsistent with the operative order of the sanctioning scheme, including acting in a way that is inconsistent with the sanctioned scheme while the company application is pending.”
The parties answering the complaint are Zee, Sony Pictures, and Bangla Entertainment. This comes after Sony chose to use the Singapore International Arbitration Centre for arbitration.
In their interim application, Mad Man Film Ventures declared that Sony was not permitted to interfere with ongoing legal procedures. Among the shareholders are me. The scheme’s approval cannot be revoked, even if your arbitration proceeds there.”
The senior attorney went on to say that the conditionality of the ruling is the issue. The result of this would govern any further procedures. Furthermore, Sony was unable to obtain a temporary remedy from the emergency arbitrator before the SIAC last week. In its case, Sony requested that the tribunal stop Zee from pursuing legal action in the NCLT and other courts.
In addition to pursuing SPNI’s right to cancel the merger agreement and seek a termination fee and other remedies, we will continue to forcefully arbitrate the dispute in Singapore before a full SIAC tribunal. We continue to believe that our positions in Singapore and India are strong,” Sony stated in a formal statement on February 4.
Nevertheless, Sony has strongly opposed Mad Man’s application’s maintainability and stated that it has “no locus” in the issue.
According to Mint, “We are objecting to the maintainability of the petition,” stated Sony’s senior attorney, Darius Khambata. The same topics may be covered by up to five intermediate applications (IAs). On March 12th, one can dispute that. It will then be his turn to argue. Every IA will deal with the same issue. The prior IA included it. To come here is against my will. As noted correctly by the court, a condition has been met. They agreed after casting their votes in favor of the plan. However, at present, they are attempting to modify the plan.
“We are not in favor of granting relief to you right now,” a bench led by Justice Laxmi Gurung declared. Allowing the petition will result in providing relief immediately. We will thus ask the respondents for their responses. Now this case is becoming national in scope. But the plan is currently under review.”
The bench heard both sides and scheduled a follow-up hearing for March 12th.
An application to implement the Zee-Sony merger had already been filed by Mad Man Film Ventures. Sony has been invited by the tribunal to submit its response to the case.
