Zee falls ahead of NCLAT hearing against insolvency; stock excluded from F&O segment

The NSE circular comes after the National Company Law Tribunal on February 22 admitted an insolvency petition against Zee, filed by IndusInd Bank.

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The National Company Law Appellate Tribunal will be hearing Punit Goenka’s appeal against NCLT order allowing initiation of Zee Entertainment’s insolvency. The stock is also in focus as it has been excluded from the futures and options segment.

This means contracts in Zee for new expiry months will not be issued on expiry of existing contract months.

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“However, the existing unexpired contracts of expiry months March 2023 and April 2023 would continue to be available for trading till their respective expiry and new strikes would also be introduced in the existing contract months,” according to the NSE circular.

No contracts shall be available for trading from April 28, 2023, it added.

At 10 am, the stock was quoting at Rs 190.70 apiece on the NSE, lower by 4 percent from previous close. On February 23, it saw its steepest intraday fall of over 13 percent in last two years.

The NSE circular comes after the National Company Law Tribunal on February 22 admitted an insolvency petition against the company, filed by IndusInd Bank. Zee was the guarantor for IndusInd Bank’s Rs 150-crore loan to Essel Group’s Siti Networks, however it failed to honour the Debt Service Reserve Account Guarantee Agreement (DSRA). The shortfall amounts to Rs 83 crore.

As this move raised concerns on merger delay with Culver Max Entertainment Pvt. Ltd (Sony), Zee’s top boss Punit Goenka said, “All necessary steps are being taken as per law to protect the interests of all stake holders of Zee Entertainment and to achieve timely completion of the proposed merger.” The media company has now approached NCLAT regarding the matter.

As per the company’s December quarter results, it has current liabilities of about Rs 698 crore and provisions of Rs 133 crore. In Q3 FY23, it reported a 92 percent year-on-year decline in consolidated profit at Rs 24.31 crore, dented by weak operating performance, lower topline and exceptional loss (Rs 168.97 crore).

Consolidated revenue from operations at Rs 2,111.2 crore fell by 0.07 percent compared to year-ago period hit by lower advertisement revenue, down 15.6 percent YoY.