(Photo: Bloomberg)
').insertAfter(".article-content__img");$(".article-content__img div").find('div').remove();
Zee Entertainment Set To Repay IndusInd $10 Million To Wrap Sony Deal
The settling of dues of about Rs 837 million ($10 million) to the lender could happen as early as Friday and the Mumbai-based bank has agreed to withdraw its insolvency proceedings
Topics
Zee Entertainment | IndusInd Bank | zee
Zee Entertainment Enterprises Ltd. has agreed to repay dues owed to IndusInd Bank Ltd. as the company seeks to resolve insolvency proceedings initiated against it and inch closer to completing a merger with a Sony Group unit to create a $10 billion media giant, people familiar with the matter said.
The settling of dues of about Rs 837 million ($10 million) to the lender could happen as early as Friday and the Mumbai-based bank has agreed to withdraw its insolvency proceedings against the media company once the repayment is made, the people said, asking not to be named, as the information is not public.
IndusInd Bank had approached the bankruptcy court in February, seeking to start insolvency proceedings against Zee, a move which could have threatened the merger by stopping all transactions, including asset transfers. The National Company Law Appellate Tribunal, an appeals court, halted the insolvency proceedings against the media company last month.
Representatives for Zee Entertainment and IndusInd didn’t respond to emails and phone calls seeking comments.
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, which has been in the making longer than the time lines originally indicated by Zee, has been approved by Zee’s shareholders and India’s antitrust regulator
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Thu, March 16 2023. 13:34 IST
RECENT NEWS
Monzo Looks For US Banking License
Monzo is preparing a renewed push to secure a US banking licence, four years after abandoning its first attempt when tal... Read more
Crypto Firms Push Into US Banking
America’s cryptocurrency companies are scrambling to secure a foothold in the country’s traditional banking system, ... Read more
Parallel Banking: Stablecoins Are Now Global
Parallel Banking: How Stablecoins Are Building a New Global Payments SystemStablecoins—digital currencies pegged to tr... Read more
JPMorgan Deploys AI Chatbot To Revolutionize Research And Productivity
JPMorgan has deployed an AI-based research analyst chatbot to enhance productivity among its workforce, with approximate... Read more
Private Equity And Banks: The Complex Web Of Leverage
Private equity has emerged as a significant force in the global financial landscape, driving substantial growth and inve... Read more
Financial Watchdog Highlights Unresolved Vulnerabilities In Shadow Banking Sector
The world’s leading financial stability watchdog has issued a warning about the unresolved vulnerabilities within the ... Read more