Photo: Bloomberg
').insertAfter(".article-content__img");$(".article-content__img div").find('div').remove();
Zee Entertainment Calls Report Of $10 Million Repayment 'speculative'
In a report on Thursday, Bloomberg said that the media company has agreed to repay its dues to the IndusInd Bank to resolve insolvency proceedings against it
Topics
ZEEL | IndusInd Bank | Zee Group
On Thursday, Zee Entertainment Enterprises Ltd (ZEEL) called the report saying it will repay $10 million to IndusInd to wrap the Sony deal as "speculative". In a filing with BSE, the media company said it is exploring several strategies related to the ongoing dispute.
ZEEL added, "there is no clarity at this stage as to which resolution or strategy the Company will finally pursue, much less the timing of any such strategy. Accordingly, we believe that the news report is speculative in nature."
On Thursday, Bloomberg reported that the media company has agreed to repay its dues to the IndusInd Bank to resolve insolvency proceedings against it and get a step closer to completing its merger with the Sony Group.
It also said that the amount could be paid as soon as Friday and that the IndusInd bank has agreed to withdraw its insolvency proceedings against ZEEL.
ALSO READ: Zee Entertainment set to repay IndusInd $10 million to wrap Sony deal
IndusInd Bank had approached the bankruptcy code in February to initiate insolvency proceedings against ZEEL. The National Company Law Appellate Tribunal (NCLAT) later provided interim relief to the company by putting a stay on the proceedings. The next hearing will be held on March 29.
A lawyer representing Zee told NCLAT last month that the Sony deal had received all necessary approvals but would be stalled because of the initiation of corporate insolvency proceedings. The merger has reportedly been approved by Zee's shareholders and the Competition Commission of India (CCI).
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Fri, March 17 2023. 13:12 IST
RECENT NEWS
Coutts Sets Scope On New Continent
Coutts steps into private marketsCoutts, the private bank best known for serving Britain’s wealthiest families and the... Read more
From Cypherpunk To Citadel
How Crypto Moved from the Wild West to the Mainstream Financial SystemA long-form analysis of Bitcoin's journey from fri... Read more
ACB Securities: Building Scale, Trust & Innovation
ACB Securities: Building Scale, Trust and Innovation in Vietnam’s Capital MarketsACB Securities (ACBS) is emerging as ... Read more
War Risk Returns To Markets As VIX Surges
For most of the past year, global markets behaved as though geopolitical risk had largely disappeared. Inflation was eas... Read more
Stablecoin The Future Of Currency?
The payments system is undergoing a quiet but consequential shift. What was once the exclusive preserve of central banks... Read more
BoE Loosens Capital Rules
The Bank of England has taken a significant step towards easing post-crisis regulation by lowering its estimate of the c... Read more