Zee Entertainment Enterprises Ltd

The media company has made a partial payment of dues to IndusInd Bank as part of the settlement agreement, with the remainder of the dues to be paid before June 30

The company owes nearly ₹83 crore to the IndusInd bank and the bank has filed insolvency proceedings against Zee

Adani group companies, HAL, L&T, Dr Reddy’s Lab, Sun Pharma, Power Grid, Zee Entertainment, Vikas Lifecare, Indraprastha Gas, Jaypee Infratech, Jindal Stainless, Allcargo Logistics, Welspun Corp, Star Paper Mills, NBCC India and Lumax Auto

Here is what the charts say about the shares of Berger Paints India, BPCL and Zee

NCLAT puts a stay on Zee Entertainment insolvency

Zee Entertainment stocks were under pressure since morning after NCLT allowed a petition by IndusInd to initiate debt resolution process against the media company

Zee Entertainment was part of a debt service reserve account guarantee agreement with IndusInd Bank for a term loan facility availed by Siti Networks.

Other than Amazon, Zee Entertainment and Sony are also in line the que for the acquisition, reports suggest

Zee struggled to grow its revenues, and total income remained stable at ₹2,127 crore in Q3FY23 versus ₹2,130 crore in Q3FY24. 

Zee Entertainment Enterprise Ltd added that it “will be filing its reply rejecting the claim...”

Proxy advisory analysts note that the creditors’ actions are unlikely to derail the merger at such a late stage as the final date for completion of the merger is December 31

IDBI Bank has claimed an amount of ₹ 149.60 crores, which has been disputed by ZEEL, said a regulatory update from the media major