In a major development, Zee Entertainment Enterprises Limited (ZEEL) has refuted the reports of repayment to IndusInd Bank. Through a regulatory filing, Zee Entertainment has also called out the news item/report as ‘speculative.’
As per a BSE filing, Zee Entertainment has answered two questions while providing clarity on the news report suggesting this repayment. ZEEL’s debt with IndusInd Bank that amounts to almost $10 million has come under scanner for various reasons especially since IndusInd Bank filed an insolvency plea in National Company Law Tribunal (NCLT).
Clarifying the authenticity of the news item, ZEEL has said that while the company is exploring several strategies, at this point, there is no clarity on which resolution the company may take.
The official statement reads, “Zee Entertainment Enterprises Limited (“Company”) has been exploring several strategies, including settlement, in relation to the ongoing dispute mentioned in the news report. However, there is no clarity at this stage as to which resolution or strategy the Company will finally pursue, much less the timing of any such strategy. Accordingly, we believe that the news report is speculative in nature.”
The official statement also adds, “As explained above, no event has occurred which is required to be disclosed to the stock exchanges under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.”
Zee Entertainment’s case has made headlines lately due to the allegations of IndusInd Bank. However, when the latter filed an insolvency plea, ZEEL also filed a plea in National Company Law Appellate Tribunal (NCLAT) asking for a stay on the same. Providing relief to the entertainment giant, the NCLAT also stayed the insolvency.
