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ZEE shareholder Mad Man Film Ventures filed another application before the National Company Law Tribunal (NCLT) on Friday stating that Sony cannot pre-empt proceedings while the matter is pending before the court.
Senior lawyer Mustafa Doctor appearing for the shareholder argued: “They (Sony Pictures) are trying to get orders from the international court. “We are just saying that, while the company’s application is pending, this court enjoins the defendants from taking actions contrary to the operational order of the sanctions plan, including taking actions contrary to the sanctions plan.”
Zee, Sony Pictures and Bangla Entertainment are the defendants in the matter. This follows Sony’s decision to seek arbitration at the Singapore International Arbitration Centre.
Mad Man Film Ventures in its provisional application stated: “Sony cannot preempt the proceedings pending before this court. I am one of the shareholders. Even assuming his arbitration continues there, sanctioning the plan cannot be set aside.”
The senior lawyer added that the problem with that order is that it is conditional. Any other procedure would be subject to the outcome of this one. Furthermore, last week Sony failed to obtain a provisional measure from the emergency arbitrator before the SIAC. Sony, in its application, asked the court to restrain Zee from seeking legal remedies at the NCLT and other legal forums.
“We will continue to vigorously arbitrate the matter in Singapore before a full SIAC court and defend SPNI’s right to terminate the merger agreement and seek a termination fee and other remedies. “We remain confident in the merits of our position in both Singapore and India,” Sony said in an official statement on February 4.
On the other hand, Sony has vehemently opposed the maintainability of the Mad Man app, noting that it has “no competition” in the matter.
Darius Khambata, lead attorney representing Sony, argued that “we oppose the maintainability of the petition. Five provisional applications (IA) may be submitted, all on the same points. This can be argued on March 12. He can present the argument then. The same point will arise in all AIs. It is part of the previous AI. I object to your place to come here. The court has rightly observed that one condition is fulfilled. When they voted in favor of the plan, they agreed. But now they’re trying to rewrite the plan.”
A bench headed by Justice Laxmi Gurung said, “We are not in favor of granting him relief at this juncture. Granting relief now will lead to allowing the petition. Therefore, we will request responses from respondents. This case is gaining national importance now. But the plan is now subjudice.”
The court heard both sides and posted it for further hearing on March 12.
Mad Man Film Ventures had earlier filed an application for completion of the merger between Zee and Sony. The court has asked Sony to submit its response to the matter.
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