Zee Entertainment Enterprises Ltd on Tuesday said it has decided to withdraw its application filed before the National Company Law Tribunal (NCLT) that sought implementation of its merger with Sony.

“After seeking appropriate legal advice and reviewing the action-oriented steps implemented by the management, the board of directors of the company in its meeting held today (Tuesday) considered and approved to withdraw the implementation application filed before the Hon’ble National Company Law Tribunal, Mumbai bench,’’ Zee said in a regulatory filing after market hours.

The company added that it would continue to pursue all its claims against Sony in the ongoing arbitration proceedings at the Singapore International Arbitration Centre (SIAC) and in other forums.

Zee had moved the NCLT against Sony’s decision to call off the merger of its Indian arm with Zee.

Zee sought directions from the tribunal to implement the $10-billion merger.

Commenting on its latest decision, Zee said in a press statement that the step to withdraw the implementation application is based on the advice received by the board after a detailed consultation with legal experts.

“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,” Zee said.

Zee chairman R. Gopalan said the immediate priority for the company is to focus on performance and achieve its targeted goals for the future.

“We have reviewed the key steps taken by the management over the last few months that are result-oriented, and we believe that the company is well poised to chart a stronger growth trajectory,’’ R. Gopalan, chairman, Zee said.

“Hence, after seeking an independent legal opinion, the board has advised the management of the company to withdraw the implementation application filed before the NCLT,” he said.