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
The Battle For Depositors: US Lenders Ramp Up Efforts Amidst Rate Uncertainty
In the competitive landscape of the US banking sector, retaining depositors is paramount for lenders seeking to maintain... Read more
Beyond Capital: Unveiling The Complexities Of Bank Failure Prediction
In the realm of banking, the ability to predict and prevent failures is paramount for financial stability and consumer c... Read more
Central Banks And The Economic Horizon: Steering Through Uncertaintie
In the evolving landscape of global financial markets, the strategic role of central banks has come under intense scruti... Read more
Transforming Financial Operations With Robotic Process Automation
Author: Ricardo Goulart ... Read more
The Role Of Machine Learning In Fraud Detection
Author: Gerardine Lucero  ... Read more
Principles Of Islamic Banking And Finance
When it comes to banking, a significant new contender has entered the ring. The principles of Islamic banking and financ... Read more