The completion of the deal between Zee Group and Sony Televisions is now almost certain. The dispute between Zee Entertainment and IndusInd Bank, which became an obstacle in its path, has now been settled. Both the parties have also informed the NCLAT about the closure of the story of this quarrel. Read this news…
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Zee Entertainment, the company that runs channels like Zee TV and Zee Utsav of Zee Group, has cleared the way for a deal with Sony Televisions. In the way of this deal, an old dispute between Zee Entertainment and IndusInd Bank had become a stumbling block, it has now been settled. What was the whole matter after all?
The dispute between Zee Entertainment and IndusInd Bank was related to the transaction of money. On Wednesday, IndusInd Bank told the NCLAT (National Company Law Appellate Tribunal) that its dispute with Zee Entertainment regarding money transactions has now been settled.
Case of default of more than 83 crores
IndusInd Bank had appealed against Zee Entertainment to take action under the Insolvency Act in February this year. For this he had approached NCLT. In its petition, IndusInd Bank had said about defaulting Rs 83.08 crore on Subhash Chandra’s company Zee Entertainment.
After this, there was a break on the merger of Zee and Sony, because it could stop the transaction of anything else including the property of Zee Entertainment. However, last month, the NCLAT had restrained Zee Entertainment from taking action under the Insolvency Act.
IndusInd Bank withdrew the objection
IndusInd Bank and Zee Entertainment have entered into a settlement agreement to settle their dispute. At the same time, it has withdrawn its objection on the deal between Zee and Sony. With this, Zee Entertainment’s stock climbed 4.4 percent, which is almost a week’s high.
Zee Entertainment has also said that it has not paid any penalty to IndusInd Bank. At the same time, this whole process will not make any difference to his financial condition.
Zee-Sony Deal was done in December 2021
The merger deal between Zee Group and Sony Televisions was agreed upon in December 2021. In this, along with connecting the two networks, it was said to integrate digital assets, production operations and program libraries.
The deal between the two companies has got all the approvals. This deal was stuck only because of this petition of IndusInd Bank.
Source: www.tv9hindi.com”