Insolvency proceedings in opposition to Zee Entertainment has been placed on maintain by a tribunal.
Bengaluru:
An Indian tribunal mentioned on Friday it placed on maintain insolvency proceedings initiated in opposition to media firm Zee Entertainment Enterprises.
Earlier right now, Zee Entertainment Enterprises Ltd had informed the tribunal that its merger with an area unit of Japan’s Sony will “get caught” because of the initiation of insolvency proceedings in opposition to the corporate.
The feedback got here as Zee’s chief govt, Punit Goenka, on Thursday mentioned in an announcement that he anticipated a well timed completion of a merger between Zee and Sony.
Yesterday, Punit Goenka had challenged the insolvency proceedings in opposition to the corporate initiated by a chapter courtroom over a mortgage default from IndusInd Bank Ltd.
The Zee community, arrange in 1992, had a community share of 16.2% as of Dec. 31 2022. The cope with Sony was set to vault the businesses into pole place over Disney’s Star India.
Shares of Zee Entertainment sank to a 17-month low on Thursday after it was taken in for insolvency proceedings, elevating fears of potential delays on the Zee-Sony merger, geared toward making a $10 billion media powerhouse in India.
(Except for the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)
Featured Video Of The Day
The Road Ahead For The Adani Group