ZEE, IndusInd Bank reach settlement, stock surges 4% as deal with Sony to go ahead

Certain money has been paid as per the agreement already , second instalment to be paid by June 30.

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Zee Entertainment Enterprises and IndusInd Bank informed the National Company Law Appellate Tribunal (NCLAT) that a settlement was reached between the two on March 29.

As per settlement agreement, payment obligations have been undertaken, which will be paid till 30th June or within 7 days of Sony merger. Certain money has been paid as per the agreement already, lawyers told the NCLAT.

At 1:15 pm, the stock was quoting at Rs 217 on the NSE, higher by 4 percent. Trading volumes at about 10 million shares were higher than 20-day average volumes.

This means the Sony scheme can be considered without this litigation coming in the way of the scheme. IndusInd will now withdraw its objections to Zee’s merger scheme with Sony. The agreement also contains a clause on consequences of termination. Tribunal has listed the case on July 3.

Also Read: Zee reaches settlement with IPRS, insolvency plea to be called off

Background:

NCLT Mumbai on February 22 admitted insolvency proceedings against ZEEL in a plea 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 amounted to Rs 83 crore.

The proceedings were initiated as Zee was a guarantor to a loan under the Debt Service Reserve Account Guarantee Agreement (DSRA Guarantee Agreement) entered into with lnduslnd Bank Limited for the term loan facility advanced to Siti Networks Limited.

Punit Goenka, the Zee Entertainment Limited appealed against this order in NCLAT. In February, NCLAT  stayed the order directing the initiation of insolvency proceedings against the media and entertainment firm.

The appellate tribunal further issued notice to IndusInd Bank said it will hear the case again on March 29.

In January, Axis Bank’s subsidiary Axis Finance had threatened legal action against Subhash Chandra and Punit Goenka, Zee Entertainment including opposing merger between Zee and Sony Pictures Network India (SPNI).

The Delhi High Court in its order from September 2022 clarified IndusInd Bank can initiate insolvency proceedings against ZEEL before a bankruptcy court, despite the ongoing proceedings between the two before the High Court.