ZEE Entertainment Enterprises Limited (ZEEL) has scrapped its National Company Law Tribunal (NCLT) case against Sony, following the termination of the merger deal between the two broadcasting giants.A statement said from ZEEL said the decision was taken based on legal advise received by the Board.“This decision will also enable the company to pursue growth and evaluate strategic opportunities to generate higher value for all shareholders. The Board remains committed to reviewing the strategic action-oriented steps taken by the management and providing timely guidance,” it added.The company further said, “This decision to withdraw the implementation application will enable the company to continue to aggressively pursue all its claims against Sony in the ongoing arbitration proceedings at the Singapore International Arbitration Centre (SIAC) and in other forums”.Reports say that ZEEL is said to be on the lookout for new finance or strategic partners.
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