Zee Entertainment to pay IndusInd $10 million to finalize Sony deal.
Zee Entertainment to pay IndusInd $10 million to finalize Sony deal.
According to sources familiar with the matter, Zee Entertainment Enterprises Ltd. is poised to repay IndusInd Bank Ltd. the outstanding debt owed to them, which amounts to around Rs 837 million ($10 million). This move is seen as crucial in resolving insolvency proceedings that IndusInd had initiated against Zee, which could have impeded the media company's merger with a Sony Group unit.
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| Published on:-16/03/2023 Read more>> |
If the repayment is made by Friday, IndusInd has agreed to withdraw the insolvency proceedings. The National Company Law Appellate Tribunal had previously put a halt to the insolvency proceedings, which had been started in February. Although the merger has received approval from Zee's shareholders and India's antitrust regulator, the initiation of the insolvency proceedings threatened to stall the deal, according to a lawyer representing Zee at the NCLAT hearing. Requests for comments from representatives for Zee and IndusInd went unanswered.
