Culver Max is an indirect wholly-owned subsidiary of SGC. Bangla Entertainment Pvt Ltd (BEPL) is also an indirect wholly-owned subsidiary of SGC and a part of the SGC Group. ZEEL said it has received a demand of termination fee of USD 90 million ( around Rs 748 crore) on account of "alleged breaches" and invoking arbitration. It denied all assertions raised by Culver Max and BEPL on the alleged breaches under the terms of the MCA, including their claims for the termination fee. "ZEEL's Board of Directors is evaluating all the available options. Basis the guidance received from the Board, ZEEL will take all the necessary steps to protect the long-term interests of all its stakeholders, including by taking appropriate legal action and contesting Culver Max and BEPL's claims in the arbitration proceedings. It further said ZEEL MD & CEO Punit Goenka had agreed to step down as the leader of the proposed merged entity and sought a six-month extension.