Sony Pictures Entertainment on Monday said it was disappointed with the Singapore emergency arbitrator’s decision to turn down its plea to restrain Zee Entertainment Enterprises Ltd from approaching the National Company Law Tribunal (NCLT).

On Sunday, the emergency arbitrator of the Singapore International Arbitration Centre (SIAC) rejected the application for interim relief by two Sony arms — Culver Max and Bangla Entertainment Pvt Ltd, stating it has no jurisdiction or authority to stop Zee from approaching the NCLT.

A statement by Sony Pictures Entertainment said it remains confident of the merits of the matter and would pursue Culver Max’s right to terminate the merger agreement and seek damages from Zee.

“We are disappointed in the decision by the SIAC. This decision is only a procedural one, ruling only as to whether Zee Entertainment would be permitted to pursue its application with the NCLT.”

“We will continue to vigorously arbitrate the matter in Singapore in front of a full SIAC tribunal and pursue 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,’’ the statement said.

Sony Pictures Networks India (SPNI) — now called Culver Max Entertainment — and Bangla Entertainment Pvt Ltd are subsidiaries of Sony Pictures Entertainment.

Shares of Zee on Monday spurted nearly 3 per cent on the development. On the BSE, it ended with gains of 2.86 per cent at Rs 178.

Sony last month terminated a $10-billion merger agreement with Zee on the grounds of Zee’s inability to meet conditions for the deal. It also initiated arbitration proceedings before the SIAC, claiming $90 million as a termination fee.

Zee on its part filed a petition before the NCLT, seeking a direction to Sony to implement the merger. It also took legal action against the claim of $90 million filed by Sony before the SIAC.

On August 10, the Mumbai bench of the NCLT approved the scheme of merger of Zee with Culver Max Entertainment and BEPL.

After Zee filed a petition with the NCLT, another plea was filed by its shareholder- Mad Men Film Ventures seeking enforcement of the merger deal with Sony. The Mumbai bench of the NCLT directed Culver Max to file a reply within three weeks. It will now hear the matter on March 12.