NSE's move comes after the National Company Law Appellate Tribunal (NCLAT) decided to put a stay on the National Company Law Tribunal (NCLT) order admitting insolvency proceeding against Zee Entertainment.
NSE said that post the NCLAT order, Zee Entertainment will move out of the IBC framework and hence the surveillance action in the stock shall be reverted. Further, NSE informed that the futures and options contracts with May 2024 will be available on Zee Entertainment. "NCLAT, principal bench, New Delhi vide order dated February 24 has granted stay on NCLT Mumbai bench order dated February 22 w.r.t. IBC proceedings against ZEEL, " the exchange said in a circular.
NSE advised members to load the updated contract file in the trading application before trading on February 28, 2023.
On NSE, ZEEL's share price closed at Rs 182.55 apiece down by 6.65 per cent.
One of India's top media and entertainment companies, Zee Entertainment, has recently made headlines due to its exclusion from the NSE F&O division amid insolvancy case. The National Company Law Tribunal has also granted the company admission under the IBC (NCLT).
