MUMBAI : Subhash Chandra’s Essel Group-owned Zee Be taught Ltd on Tuesday confirmed signing a settlement settlement with JC Flowers Asset Restructuring Co. (ARC).
Zee Be taught is amongst Essel Group firms with a complete publicity of ₹6,500 crore with JC Flowers ARC, which Chandra has been making an attempt to settle.
Mint broke this information first on Tuesday that Chandra was near signing a definitive settlement for near ₹1,500 crore to regain possession of the household’s stake in Dish TV and Zee Be taught in addition to three properties, which features a bungalow in central Delhi.
Mint reported that Chandra will repay the settlement quantity in a phased method by 31 March 2024. Whereas it isn’t clear the place Chandra will get the cash to settle the debt, folks acquainted with the event stated there are particular deliberate liquidity occasions to assist repay the debt.
In a submitting to the inventory exchanges, Zee Be taught stated it signed a settlement settlement with JC Flowers ARC on 7 August 2023 to settle its obligations with respect to loans borrowed by sure trusts and entities.
The corporate, in an intimation, additional talked about that until the time the loans are settled in phrases thereof, and authorized proceedings initiated in connection therewith are both settled/withdrawn, the issues lined underneath the authorized proceedings stay sub judice.
Zee Be taught operates chain of over 1,700 pre-schools underneath Kidzee in over 550 cities throughout India and neighbouring nations, in addition to a sequence of Ok-12 colleges—Mount Litera Zee Faculty. The corporate additionally owns vocational institutes Zee Institute of Artistic Arts (ZICA) and Zee Institute of Media Arts (ZIMA).
In the meantime, Dish TV, which was run by Chandra’s brother Jawahar Goel, earlier than Sure Financial institution invoked the pledged shares, is not going to be making any comparable disclosure, as the corporate was not a direct signatory to any mortgage settlement with Sure Financial institution or JC Flowers, the folks stated.
It is very important observe that Chandra had taken a mortgage of ₹4,210 crore from Sure Financial institution to buy Videocon d2h from the Videocon Group, to merge it with Dish TV.
Mint was additionally the primary to report on 21 July 2023 that Chandra had initiated talks with JC Flowers to purchase again his household’s stake in Dish TV for near ₹1,500 crore. Nonetheless, the 2 disagreed on the cost deadline, with JC Flowers ARC earlier insisting on full cost by 31 January 2024.
Presently, the Essel Group and promoter household declare to have settled debt value ₹30,000-35,000 crore.
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Up to date: 08 Aug 2023, 11:11 PM IST
Supply: Live Mint