MUMBAI :
Sure Financial institution Ltd on Monday filed an utility earlier than the Nationwide Firm Regulation Tribunal to provoke company insolvency decision course of (CIRP) towards Zee Study Ltd. The financial institution claimed the overall quantity in default with respect to a monetary facility is ₹468 crore.
Zee Study, mentioned nonetheless, that it’s compiling info to confirm claims within the mentioned petition, based on a regulatory submitting by the corporate.
Since 2003, Zee Study has run Asia’s largest pre-school chain Kidzee comprising about 1,900 colleges in 750 cities throughout India and neighbouring international locations, in addition to the Mount Litera Zee College chain of KG to class XII colleges comprising over 120 colleges throughout 110 places. HDFC and Rattan India Finance maintain 4.85% and 6.42% stakes, respectively, within the firm.
New York-based hedge fund Moon Capital Administration, the single-largest overseas shareholder in Zee Study with a 6.43% stake, had earlier initiated a transfer for a brand new administration within the firm. The fund had requested promoter Subhash Chandra to step down from Zee Study in February 2020, citing mounting debt, poor company governance, and a scarcity of a transparent progress technique.
Supply: Live Mint