Zee Ent's request for AGM extension is approved by the Ministry of Corporate Affairs

Zee Entertainment's proposal to move the date of the company's Annual General Meeting for the accounting year ending on March 31, 2024, has been approved by the Ministry of Corporate Affairs.

"An extension of three months and zero days is hereby granted under the authority vested in the undersigned by virtue of section 96(1) read with second proviso attached thereto. Nonetheless, the firm is now recommended to exercise caution going forward in order to comply with the terms of the Companies Act, 2013," the Ministry stated in a statement that ZEE Ent disclosed in a stock exchange filing.

The media behemoth revealed a net profit of Rs 13.35 for the quarter in question for ZEE's AGM request, as opposed to a deficit of Rs 196 crore for the same period previous year.

The reporting quarter's total income of Rs 2,185 core grew 3% year over year. In the same quarter of the prior year, the figure was Rs 2,126 crore. In the past, ZEE Entertainment Enterprises Ltd. and Sony Pictures Networks India said that all of their legal claims against one another had been resolved and that they no longer had any disagreements about the abandoned USD 10-billion merger.

The settlement, which the two companies announced in a joint statement, represents the final resolution of all disputes, arises from a mutual understanding between them to independently pursue future growth opportunities with a renewed purpose and focus on the changing media and entertainment landscape.

It was announced that ZEE Entertainment Enterprises Ltd. and Culver Max Entertainment Pvt. Ltd. (CMEPL) had reached a complete non-cash settlement, peacefully settling all concerns pertaining to the composite plan of arrangement and the merger co-operation agreement.

The agreement further stated that the companies have mutually decided to renounce all claims they may have had against one another in the current arbitration at the Singapore International Arbitration Centre (SIAC) as well as any related lawsuits they may have filed with the National Company Law Tribunal (NCLT) and other forums.

Additionally, the firms will notify the appropriate regulatory bodies and remove their respective composite schemes of arrangement from the NCLT.

The proposed USD 10-billion merger between Sony and ZEE Entertainment Enterprises Ltd was called off in January of this year due to the Indian company's inability to fulfill certain "closing conditions". After more than two years after announcement, the deal fell through. The two parties then proceeded before the courts.