Zee, ZEEL

Zee Entertainment Enterprises Ltd (ZEEL) has entered into a one-time settlement agreement with Standard Chartered Bank for the loan taken by Siti Networks, a part of the Essel Group.
Standard Chartered Bank had sanctioned certain credit facilities to Siti Networks, which was inter-alia secured by DSRA (Debt Service Reserve Account) support and undertaking from ZEEL.
"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," said ZEEL in a regulatory filing on Thursday.
Though the company, which is merging with rival Culver Max Entertainment Pvt Ltd, formerly known as Sony Pictures Networks India, has not mentioned the amount.
Siti Networks, formerly known as Wire and Wireless Ltd, is a multisystem operator promoted by media baron Subhash Chandra-led Essel Group.
Earlier this wee

The National Company Law Tribunal has admitted an Indusind Bank plea for insolvency proceedings against Zee Entertainment Enterprises Limited (ZEEL).
The division bench of judicial member H V Subba Rao and technical member Madhu Sinha on Wednesday also appointed Sanjeev Kumar Jalan as the resolution professional in the matter.
The matter pertains to a default of Rs 89 crore by Zee Group's multisystem operator arm Siti Networks claimed by Indusind Bank, for which ZEEL was a guarantor.
The private sector lender has also filed a separate insolvency petition against Siti Networks at the NCLT. The NCLT has appointed Mohit Mehra as the resolution professional in this matter.
The NCLT has admitted the plea at a time when ZEEL is in advanced stages of merging with Sony in one of the biggest deals in the media and entertainment sector. According to experts, the development is bound to create hurdles in the deal, with some opining that the powers of a company board stand superseded with the 

IBC, insolvency, bankruptcy, NCLT, company, firms

Yet to receive notice from NCLT, firm says; HFDC, IndusInd Bank had filed petitions earlier

HDFC

The four distressed accounts include Subhash Chandra-promoted Siti Networks

hdfc

SITI Networks has received a notice issued by the Mumbai bench of the National Company Law Tribunal over the petition filed by HDFCL, the Essel group firm said in a regulatory filing on Thursday

Govt mulls raising FDI cap to 100% in DTH, cable networks

On February 28, HDFC Asset Management Company A/c HDFC Mutual Fund sold 2% stake or 5.86 million shares of SITI Networks through open market.

Adani Group on Thursday bagged two contracts worth Rs 13,888 crore from a state-owned discom to install smart meters.
A total of six tenders were awarded by the Maharashtra State Electricity Distribution Company Ltd (MSEDCL) to install smart meters, of which two have been bagged by the Adani Group, according to an official communiqu from the discom seen by PTI.
The diversified group, which has a sizeable presence in the power sector and had recently won a Rs 1,000 crore contract to install smart meters in the area serviced by BEST Undertaking in Mumbai, will act as an advanced metering infrastructure service provider for smart prepaid metering in MSEDCL, it said.
The two zones awarded to Adani include Bhandup, Kalyan and Konkan having 63.44 lakh meters, and Baramati and Pune having 52.45 lakh meters, it said.
Letter of Awards have been issued to the successful firms, as per the communiqu.
Officials from Adani Group were not immediately available for comment.
The group's transmiss

Adani, Adani Group

India's addition to a major global gauge will give global investors greater access to the world's fastest-growing large economy that offers some of the highest returns in the region

JPMorgan Chase & Co

Adani group won the Dharavi rebuilding project in July by bidding $610 million for the project

Dharavi Redevelopment Project

Air India flew and LIC moved, but a big-bang PSU stake sale programme has proved to be elusive so far

Nirmala Sitharaman,

Given the relatively small weight in the Bloomberg Global Aggregate Index, analysts expect India's inclusion could take place in one shot

bonds market, currencies, currency, RBI, yield

As Lok Sabha convened in the new Parliament building for the first time, Prime Minister Narendra Modi on Tuesday called on MPs to forget all past bitterness and start a new chapter, asserting that whatever they are going to do in the new complex, should be an inspiration for every citizen in the country.
As Lok Sabha proceedings chaired by Speaker Om Birla began in the new building, Modi delivered his maiden speech in the new Lok Sabha chamber as the Leader of the House.
The prime minister said the new Parliament building reflects the aspirations of 140 crore Indians.
"When we are starting a new chapter, we should forget all past bitterness," he said.
"Whatever we are going to do in this new Parliament building, it should be an inspiration to every citizen in the country," he said.
The prime minister also remembered 'shramjeevis' (labourers) who were part of the construction of the new Parliament building.
Parliament, he said, is a supreme place to serve the nation.
Parliament i

PM Modi

Executives said that the deal will be formalised and announced by the end of next quarter

Burger King

Making his first speech in the new building of Parliament, the Prime Minister said the government has decided to bring Nari Shakti Vandan Adhiniyam

Prime Minister Narendra Modi addressing Lok Sabha from new Parliament.

Narendra Modi

Available for iPhone XR and later, including iPhone SE (second-generation and later), the iOS 17 brings new features related to apps, interface, and widgets. Below are the details

Apple, Apple iOS 17, Apple iOS, iOS 17, Apple iPhone, iPhone 15,

Reliance Jio is offering its home devices together with the Jio AirFiber at no extra cost

Jio, Jio AirFiber, Reliance AirFiber, AirFiber, Reliance

Overseas institutions are also a better bet for Adani. Tapping Indian banks, especially state-run lenders, would be a tad cheaper, but might invite greater political scrutiny ahead of general election

The fiscal burden of states will increase over time

pensions, funds, retirement, investments, investors, savings

The government introduced the Women's Reservation Bill in the Parliament almost three decades after it was first drafted

Parliament

Former RBI Governor Bimal Jalan said it is better if the person's expertise is considered than whether he/she is a bureaucrat or a private sector executive

TRAI

Filmmakers will have to invest in understanding the changing tastes of moviegoers, in multiplexes and single screens, in order to improve their chances of success

Cinema hall, Kashmir, South Kashmir

Leaders from Other Backward Classes have agreed to a big meeting on Saturday to find ways to seek quota for OBCs in the just-cleared women's reservation bill, senior BJP leader Uma Bharti has said on X.
The former Madhya Pradesh CM, however, has not shared details about the time and venue of the meeting of the OBC leaders on September 23.
The bill to reserve one-third of the seats in the Lok Sabha and state assemblies for women received the parliamentary nod on Thursday as the Rajya Sabha unanimously voted in its favour.
Now, if a path is to be chalked out to raise the demand for another amendment for reservation for OBCs, a discussion (in that regard) was held with backward class leaders from in and around Bhopal. It was decided to call another big meeting on September 23, she wrote on X, sharing pictures of those who were part of the meeting at her Bhopal residence.
Last year, Bharti took to the streets in her party-ruled MP expressing her unhappiness against the opening of liquo

New Delhi: Union  Minister for Drinking Water & Sanitation, Uma Bharti with MoS S. S. Ahluwalia addressing a press conference in New Delhi on Tuesday. PTI Photo

Uma Bharti

The ruling Trinamool Congress on Friday hailed a Calcutta High Court judgement granting relief to party leader Abhishek Banerjee, by ruling against coercive action by the Enforcement Directorate while conducting its probe into the state's school jobs scam.
Opposition Congress and ruling CPI(M) reserved comments on Calcutta High Court's order about TMC leader Abhishek Banerjee but the TMC hailed the judgements.
TMC spokesperson Kunal Ghosh said, "The judgement shows the central agencies have been hounding and harassing Banerjee, as he is one of the key forces behind the battle against BJP's communal and hatred-filled brand of politics."
"The court has restrained ED from harassing Abhishek further. He is helping in the probe and we know he will continue to assist the investigators. We all know real truth will come out," Ghosh said, adding TMC believes law will take its own course.
Congress leader Adhir Choudhury told reporters Banerjee's trial continues and till he is acquitted by th

TMC MP Abhishek Banerjee

The Supreme Court on Friday sought responses from the Tamil Nadu government and its minister Udhayanidhi Stalin on a plea seeking an FIR against him for his "eradicate Sanatan Dharma" remark.
A bench of Justices Aniruddha Bose and Bela M Trivedi issued notices on a plea filed by B Jagannath seeking an FIR against the Tamil Nadu minister on grounds that the remarks are akin to hate speech and that the top court had in similar matters passed several directions, including registration of FIR.
Senior advocate Dama Seshadri Naidu, appearing for the petitioner, submitted that the minister allegedly asked school students to say that this religion is not good and that the other religion is good.
"This court has taken note of similar matters where individuals make such a statement against another's faith but in this case it is a minister making the statement. Here it is a state, which is telling the school students that so and so religion is wrong," Naidu said.
The bench asked Naidu what wa

Udhayanidhi Stalin

The Manipur government on Friday told the Supreme Court that it has filed a status report on the issue of recovery of arms from "all sources" in the ethnic violence-hit state.
Solicitor General Tushar Mehta told a bench headed by Chief Justice D Y Chandrachud that the report has been filed on the issue and it is for the judges only.
He informed the bench, also comprising Justices J B Pardiwala and Manoj Misra, about another short affidavit in the matter.
Mehta told the bench that the affidavit says "whatever issues are being debated here are already been brought to the notice of the (apex court-appointed) committee" and the panel is considering them.
The top court had earlier appointed a judges committee, headed by Justice (retd) Gita Mittal, to oversee relief and rehabilitation of victims of ethnic violence in the state.
Advocate Vrinda Grover, appearing for the petitioners' side, told the bench that bodies of two women, who were gang-raped and killed in May in Manipur, have not 

Supreme Court, Manipur violence

"The Nari Shakti Vandan Adhiniyam is not an ordinary law; this is a proclamation of the New India's democratic commitment. This is an evidence of the Modi's guarantee of women-led development" he said

Heatmap

SITI Networks

Zee enters one-time settlement with StanChar over Siti Networks loan

NCLT admits plea for insolvency proceedings against ZEEL, Siti Networks

IDBI Bank third lender to drag Siti Networks to bankruptcy court

HDFC in final stage of selling 4 large, stressed accounts before the merger

HDFC moved NCLT against SITI Networks claiming default of Rs 296 cr

SITI Networks hits over four-year low; stock falls 14%