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Zee Entertainment Witnesses 9% Surge Ahead of Emergency Arbitration in Singapore on January 31

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Zee Entertainment experienced an 8.9% surge on January 30 morning amid reports of an emergency arbitration hearing scheduled for the next day in Singapore regarding the abandoned Zee-Sony merger.

Read Also | Wipro Initiates Legal Action Against Former CFO Jatin Dalal; Arbitration in the Spotlight

As of 10.45 am, Zee’s stock was quoted at Rs 173.2 on the National Stock Exchange, marking a 7.08% increase from the previous close.

The $10-billion merger between Sony’s Indian arm and Zee Entertainment was canceled by Sony on January 22, citing Zee’s failure to meet certain financial terms and provide a resolution plan. Reuters, having reviewed the termination notice, reported on Sony’s decision.

Responding to the termination, Zee moved to the National Company Law Tribunal (NCLT) and the Singapore International Arbitration Centre (SIAC) on January 24, with an emergency hearing scheduled at SIAC on January 31, as reported by CNBC-TV18.

Zee has also approached the Mumbai bench of NCLT, seeking directions to implement the merger scheme that Sony called off on January 22.

In the aftermath of reports hinting at the merger’s cancellation on January 18, Zee’s shares have witnessed a decline of over 30%. Over the past month, the stock has experienced a significant downturn of 40%.

Read Also | Zee Entertainment Faces Uphill Battle as Sony Merger Crumbles: Stock Bounces Back Amid Investor Concerns

Note: This information is subject to the views and investment tips of the experts and not those of Moneycontrol.com or its management. Users are advised to consult certified experts before making any investment decisions.

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