Zee Entertainment Enterprises Ltd on May 23 has sought termination fee of $90 million (Rs 750 crore) from Sony Pictures Networks India, which is now known as Culver Max Entertainment Pvt. Ltd., and its entity Bangla Entertainment Pvt. Ltd. (BEPL) for pulling the plug on $10-billion merger deal in January.
Sony Group Corporation had said ZEEL failed to satisfy merger conditions and also initiated arbitration proceedings before Singapore International Arbitration Centre (SIAC) claiming $90 million (around Rs 748.5 crore) as a termination fee.