Subhash Chandra-backed Essel Group on Sunday said it has successfully arrived at an understanding with lenders that have a lien on shares held by the promoters.

 The steep fall of the stock price of ZEE Entertainment Enterprises Ltd (ZEEL) and Dish TV Ltd on Friday prompted a meeting of Essel Group promoters with the lending entities comprising mutual funds, NBFCs and banks.

“There will not be any event of default declared due to the steep fall in price. Lenders drew comfort from reiteration by the promoters for a speedy resolution through a strategic sale in a time-bound manner,” said a press statement from Essel Group.

“I am pleased to share that we have achieved an understanding with lenders,” said Chandra.

 A. Balasubramanian, CEO, Aditya Birla Sun Life AMC, said: “We have always believed in the intrinsic value of ZEE Entertainment. I am very glad with the outcome of the meeting, which enabled us to arrive at a consensus, in the interest of all stakeholders.” 

Issues clarification

 Meanwhile, in a separate statement, ZEEL sought to distance itself from an entity that is being probed by the Serious Fraud Investigation Office (SFIO).

 The Essel Group clarified that Nityank is an independent company and does not belong to it.

“The group has also communicated that all the queries relating to demonetisation, if any, from the SFIO, were directed to Nityank and that all the information/documents relating to certain transactions sought by the SFIO were provided. Since all the information has been provided by Essel entities and no further information has been subsequently sought, the matter stands closed for Essel Group entities,” said the

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