MUMBAI :
IndusInd Financial institution Ltd on Friday approached the Nationwide Firm Regulation Tribunal (NCLT) to provoke insolvency proceedings in opposition to Zee Leisure Enterprises Ltd after the broadcaster defaulted on a mortgage.
The applying was filed beneath Part 7 of the Insolvency and Chapter Code.
The financial institution, a monetary creditor to Zee Leisure, claimed the corporate defaulted on a mortgage of ₹83 crore. Zee Leisure is a celebration to the Debt Service Reserve Account Assure Settlement (DSRA) entered into with IndusInd for a time period mortgage facility superior to Siti Networks Ltd, an trade submitting by the corporate stated.
Beneath the settlement, IndusInd Financial institution prolonged a ₹400 crore debt facility to Siti Networks, a unit of Zee Leisure. The mortgage was sanctioned in opposition to a assure supplied by the promoter group.
As per the settlement, IndusInd issued a discover to Zee Leisure for accelerated cost of your complete quantity in October 2020. Zee has been contesting that, as a guarantor, its legal responsibility is proscribed to an quantity equal to at least one quarter’s curiosity and an additional quantity equal to at least one quarter’s principal instalment as and when due.
In December 2021, Zee Leisure agreed to merge with Sony Footage Networks India.
Sony will maintain a majority stake within the merged firm, and the Zee promoter household will personal 3.99% with an possibility to extend its stake as much as 20% from the market.
The broadcaster can also be locked in a authorized tussle with its majority shareholders—Invesco Creating Markets Fund and OFI World China Fund. The matter pertains to Invesco Creating Markets Fund’s petition whereby it requisitioned Zee Leisure Enterprises to carry a unprecedented basic assembly.
The matter is at present pending earlier than the Bombay excessive courtroom and different boards.
Supply: Live Mint