Mumbai: Zee Entertainment Enterprises (ZEEL) has received approval from the National Company Law Tribunal (NCLT) to withdraw its application and claims related to the arbitration process involving its merger with Sony Pictures Networks India. This development marks the conclusion of a nearly three-year legal dispute.

In a statement released on Thursday, Zee confirmed that the NCLT has agreed to allow the withdrawal of the scheme and has recalled the order it had previously sanctioned on 10 August 2023. This order had granted approval for the merger between ZEEL, Bangla Entertainment Private Limited (BEPL), and Culver Max Entertainment (CME).

According to media reports, shares of Zee Entertainment Enterprises Ltd. (ZEEL) surged more than three per cent on Friday after the company announced that it had received regulatory approval to recall its merger with Culver Max Entertainment Pvt Ltd (formerly Sony Pictures Networks India) and Bangla Entertainment Pvt Ltd (BEPL). ZEE’s stock gained as much as 3.26 per cent, reaching Rs 139.15 per share on the BSE.

Despite initiating legal proceedings, Zee and Sony Pictures Networks India eventually reached a non-cash settlement in August 2024, resolving the matter amicably.