Zee, IndusInd Bank settle load default dispute

Zee Entertainment Enterprises Ltd and IndusInd Bank Ltd told an Indian tribunal on Wednesday that they have settled a dispute over a loan default, paving the way for the media company’s merger with a local unit of Sony.

IndusInd started bankruptcy proceedings against Zee Entertainment late last month over a default of Rs. 830.80 million ($10.10 million).

Zee Entertainment challenged the move in the National Company Law Appellate Tribunal (NCLAT), which put the insolvency proceedings on hold, according to a Reuters report.

IndusInd Bank yesterday told the NCLAT that it would also withdraw its objection to Zee Entertainment’s merger with a local unit of Japan’s Sony.

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Yugal Kishore Sharma CEO, ONEOTT Intertainment Limited

Amazing and grim battle for survival. Guess it will end up in Supreme Court. All that NCLT asked Zee to do was to file a reply to Invesco petition for a EGM. Now this is getting too serious. So far Invesco has been hammered for demanding an EGM. What is Zee upto? Ofcourse my lawyer community knows better!

Ashok Mansukhani, Corporate Law and Media Law Advocate at Ashokmansukhani Associates

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Zee, IndusInd Bank settle load default dispute

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