IndusInd Bank Limited: IndusInd Bank Limited has approached the Mumbai Bench of the National Company Law Tribunal (NCLT) claiming default of Rs 83 crore by Zee Entertainment. Zee has given this information through a BSE filing.
Zee gave information in the exchange filing
Zee said, “IndusInd Bank, claiming to be a financial creditor, has filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against the Company in the Mumbai Bench of the Hon’ble National Company Law Tribunal, called the Insolvency and Bankruptcy (Insolvency and Bankruptcy) Application to Adjudicating Authority) Rules, 16. It has been requested to initiate corporate insolvency resolution process against the company claiming default of Rs 83,08,00,000.
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The matter of DSRA guarantee agreement is under consideration in the court
Zee said that it will appoint Siti Networks Limited to IndusInd Bank Ltd. for an advance term loan facility. is a party to the Debt Service Reserve Account Guarantee Agreement (DSRA) entered into with
The issue of alleged default of the company under the DSRA guarantee agreement is currently pending in the Delhi High Court.
Axis Finance has also warned of legal action
Last month Axis Bank’s subsidiary Axis Finance had warned of legal action against Subhash Chandra and Zee Entertainment’s MD and CE Punit Goenka, MD, opposing the merger between Zee and Sony Pictures Networks India (SPNI).
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Merger was approved last year
Zee Entertainment Enterprises Ltd. (Zeal) had approved the merger with SPNI on December 22 last year. The board had said that Sony will have 50.86 per cent stake in the new entity. In a letter to Zee, Axis Finance said that Chandra has an outstanding of Rs 146 crore. Zee Entertainment also has a dispute with its shareholders Invesco and OFI Global China Fund.
The shareholders are demanding the removal of Puneet Goenka and six new independent directors. The Zee-Invesco case is currently being heard in the National Company Law Tribunal (NCLT), the National Company Law Appellate Tribunal (NCLAT) and the Bombay High Court.
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