July 04, 2025 02:52 pm (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
‘We will cross that bridge when we come to it’: Jaishankar’s response on US bill proposing 500% tariffs | 'We slapped because of his attitude': MNS worker justifies assault on shopkeeper for not speaking Marathi | 'Marathi will have to be spoken in Maharashtra': State minister after MNS workers' assault on shopkeeper | PM Modi conferred with 'The Officer of the Order of the Star of Ghana' | Three Indian nationals abducted in Al-Qaeda-linked group's attack in Mali, MEA expresses 'deep concern' | Pune woman raped by man posing as delivery boy, police probe on | Kolkata gangrape case: West Bengal Bar Council expels prime accused Monojit Mishra | Contempt case: Court sentences former Bangladesh PM Sheikh Hasina to six months in prison | India has every right to defend its people against terrorism: Jaishankar at Quad Meet | Dalai Lama's institution will continue, Trust will recognise his successor
ZEEL

Zee enters one-time settlement with Standard Chartered Bank for Siti Networks loan issue

| @indiablooms | Apr 01, 2023, at 07:51 am

Mumbai: Zee Entertainment Enterprises Ltd (ZEEL) on Thursday announced that it has reached a one-time settlement agreement with Standard Chartered Bank in connection with the credit availed by Siti Networks, a subsidiary of the Essel Group, media reports said.

Siti Networks had obtained credit facilities from Standard Chartered Bank. These facilities were secured by Zee Entertainment Enterprises Ltd (ZEEL) through its DSRA (Debt Service Reserve Account) support and undertaking.

“Since the Borrower has defaulted in its debt repayment obligations to the Bank, the Company has entered into a one-time settlement agreement with the Bank in respect of DSRA Claims/Undertaking in the interest of amicably resolving the issues between the parties," the company stated in a regulatory filing.

However, ZEEL has not revealed the settlement amount.

Earlier this week, the company conveyed to the National Company Law Appellate Tribunal (NCLAT) that it has resolved the dispute and as a result, the bank's plea opposing the merger of ZEEL and Sony has been withdrawn.

IndusInd Bank filed a case of insolvency against Siti Networks after a default of Rs 89 crore.

ZEEL is merging with rival Culver Max Entertainment Pvt Ltd, formerly known as Sony Pictures Networks India.

The merger will create India’s biggest media empire. The company has already received approval from major stakeholders and regulators including the fair trade regulator CCI.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Videos
RBI announces repo rate cut Jun 06, 2025, at 10:51 am
FM Nirmala Sitharaman presents Budget 2025 Feb 01, 2025, at 03:45 pm
Nirmala Sitharaman on Budget 2024 Jul 23, 2024, at 09:30 pm
Close menu