Key Points
Zee Entertainment and IndusInd Bank on Monday announced that all the due payments have been settled between the two entities, as per media reports..
The two companies had informed NCLAT that they have reached a settlement in relation to their payment dispute, paving way for the Sony deal, in March 2023...
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...
A lawyer representing Zee told NCLAT that the Sony deal had received all necessary approvals but would be stalled because of the initiation of corporate insolvency proceedings...
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Zee set to repay IndusInd Bank $10 million to wrap Sony deal: Report
16, Mar, 23The settling of dues of about 837 million rupees ($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
Zee Entertainment, IndusInd Bank reach settlement over dues; Zee shares jump
29, Mar, 23Zee Entertainment Enterprises Ltd and IndusInd Bank Ltd told an Indian tribunal on Wednesday that they have settled a dispute over dues of the media company
Booster Shot! Settlement with IndusInd Bank lifts Zee Ent shares to 1-month high
29, Mar, 23The insolvency plea by IndusInd Bank against Zee had raised questions over the smooth merger of the company with Sony Pictures, which was already delayed due to regulatory requirements. In February alone, shares of Zee Entertainment lost nearly 14% of its value.
Law Tribunal Stays Insolvency Proceedings Against Zee Entertainment
24, Feb, 23Earlier today, Zee Entertainment Enterprises Ltd had told the tribunal that its merger with a local unit of Japan's Sony will "get stuck" due to the initiation of insolvency proceedings against the company.
NCLT dismisses IDBI Bank's insolvency plea against Zee Entertainment
19, May, 23The National Company Law Tribunal on Friday dismissed IDBI Bank's insolvency plea against Subhash Chandra promoted Zee Entertainment Enterprises Ltd (ZEEL). ZEEL is in the process of a merger with Sony Pictures Network India (SPN). On December 22, 2021, ZEE and SPN signed a definitive agreement to merge the two companies. The proposed merger will see ZEE merging into SPN and, after closing, the merged company will be publicly listed in India.
Zee Entertainment, IndusInd Bank settle dispute over dues
29, Mar, 23Zee Entertainment Enterprises Ltd and IndusInd Bank Ltd told the NCLAT on Wednesday that the two companies have settled a dispute over dues of the media company. IndusInd Bank, in its plea, had claimed a default of Rs 83.08 crore against the media and entertainment firm promoted by Subhash Chandra.
NCLAT disposes of Punit Goenka’s plea after Zee settles dues with its lender IndusInd Bank
03, Jul, 23The National Company Law Appellate Tribunal (NCLAT) on Monday disposed of an appeal filed by the promoters of Zee Entertainment after the company settled its dues with IndusInd Bank. Punit Goenka, managing director (MD) of Zee Entertainment Enterprises (ZEEL) approached the appellate tribunal in February to challenge the National Company Law Tribunals order to admit the company under the Corporate Insolvency Resolution Process.
India clears Sony-Zee deal to form $10 billion entertainment powerhouse
11, Aug, 23By Arpan Chaturvedi NEW DELHI (Reuters) -India paved the way on Thursday for a $10 billion media and entertainment powerhouse, giving Zee Entertainment and the Indian unit of Japan's Sony Group a key
Zee to take legal action against Sony for scrapping merger deal
22, Jan, 24Sony has announced the termination of its 2021 merger agreement with Zee and is seeking $90 million in termination fees. Zee, in response, refuted the claims made by Sony and emphasized its commitment to protecting stakeholders' long-term interests. Zee is evaluating options and plans to contest Culver Max and BEPL's claims through legal action and arbitration proceedings to safeguard its position.