Page 2 - Zee Entertainment Enterprises

Zee shareholder files fresh plea in NCLT against Sony's move on merger pact

Mad Men Film Ventures, a shareholder of Zee Entertainment Enterprises (ZEEL), on Friday filed a fresh application in the National Company Law Tribunal seeking an order to refrain Sony from proceeding contrary to the NCLT's earlier decision sanctioning merger of the two media companies. Sony had last month terminated the agreement with ZEEL to merge its two Indian entities -- Culver Max Entertainment (earlier known as Sony Pictures Network India) and BEPL-- with the Indian media company. The termination notice came months after the Mumbai bench of NCLT on August 10, 2023 approved the scheme of merger of ZEEL with Sony group entities. In its fresh plea on Friday, Mad Men Film Ventures sought the Mumbai bench of NCLT's urgent intervention to restrain Sony Pictures India Networks from proceedings against the tribunal's order dated August 10 as the matter is scheduled for hearing on March 12. The fresh plea came after Sony initiated an arbitration proceedings before Singapore-based ...

Large shareholders may nudge Zee Entertainment board on action plan

Share prices of Zee nosedived after collapse of its merger agreement with Sony Pictures Networks

Rs 8 trillion wiped out as markets shed 1.5%; Zee shares slump 30%

Selloff led by banks, oil and gas stocks, FMCG, and metals

The merger drama in television

With India hardly being a hot destination for media investments, the twists and turns in the Sony-Zee merger deal is bad news for the industry

Societe Generale sells Zee Entertainment's shares worth Rs 216 cr

Financial services company Societe Generale on Tuesday sold shares of Zee Entertainment Enterprises Ltd (ZEEL) for Rs 216 crore through an open market transaction. According to the bulk deal data available with the National Stock Exchange (NSE), Societe Generale offloaded 83,45,179 shares, amounting to a 0.87 per cent stake in ZEEL. The shares were disposed of at an average price of Rs 259.10 apiece, taking the deal value to Rs 216.22 crore. Meanwhile, Societe Generale acquired 5.08 lakh shares of ZEEL at an average price of Rs 256.64 per piece, taking the transaction size to Rs 13.05 crore. Shares of ZEEL plunged 7.98 per cent to close at Rs 255.95 apiece on the NSE.

Zee-Sony case: NCLAT defers hearing over IDBI, Axis Finance plea to Oct 31

The NCLAT on Friday adjourned the hearing to October 31 on pleas filed by IDBI Bank and Axis Finance against the merger of Zee Entertainment Enterprise with Culver Max Entertainment, formerly Sony Pictures Networks India. The National Company Law Appellate Tribunal (NCLAT) did not issue notice over the petitions filed by the private lender and the non-banking financial company (NBFC). However, it said that Zee Entertainment Enterprise Ltd (ZEEL) may file a response to both petitions, if needed. Both have challenged the August 10, 2023, order of the Mumbai bench of the National Company Law Tribunal (NCLT) to approve the merger. Earlier, the NCLT on August 10, 2023, approved the proposed merger, which would create the largest media entity in the country. While approving the merger, the NCLT in its order, dismissed some applications moved by financial institutions opposing the move, including IDBI Trusteeship, IDBI Bank, Axis Finance, JC Flowers Asset Reconstruction Co and Imax ...

Securities and Appellate Tribunal to pronounce Zee verdict on Monday

After hearing arguments from the senior counsels of Zee promoters and Sebi, SAT had reserved its order in the case on June 27

Sebi penalises promoter entity of ZEEL for certain disclosure lapses

Sebi has penalised Cyquator Media Services, a promoter entity of ZEE Entertainment Enterprises Ltd (ZEEL), for certain disclosure lapses. A fine of Rs 4 lakh has been imposed on Cyquator for failing to make adequate disclosures regarding certain trades in shares of ZEEL. The regulator had conducted an examination of trading in ZEEL shares by the entity to ascertain any possible violations of insider trading norms during the period from January 1 to December 26, 2019. "It was observed that the noticee (Cyquator Media Services) being a promoter has made delayed disclosure with respect to creation of pledge and also failed/made delayed disclosures w.r.t. invocation and sale of pledge to ZEEL and exchanges," Sebi said in an order passed on Friday. A show cause notice was issued to the noticee, which submitted its reply. The noticee contended that failure to make disclosures within the stipulated time, was unintentional, technical or inadvertent and that no gain or unfair advantage has

SAT reserves order on Zee Promoter's appeal in fund diversion case

Tribunal will soon pronounce if the bar on Chandra & Goenka from holding key positions can be lifted

After Sony's merger plan for India's Zee turns into farce, time to walk

The television market in India is large, but its best days are in the rear-view mirror. So although the Zee network reaches 750 million people, its market share of 16.6% is stagnant

Ten Sports sale to Sony: I-T dept to appeal ITAT's capital gains tax ruling

The Income Tax Appellate Tribunal (ITAT) had claimed that the IT's contribution to play-out facilities was an afterthought

BCCI likely to wait for Zee-Sony merger before selling media rights: Report

According to media reports, Zee Entertainment Enterprises is in talks with the creditors to repay its debt and clear the last obstacle in completing its merger with Sony Pictures Network India

NCLT rejects IDBI Bank's insolvency plea against Zee Entertainment

Lender has the option to move appellate tribunal to appeal against the order

JC Flowers ARC makes claim on Subhash Chandra's no-compete fees

ARC says no-compete fees received from Sony should be used to repay local debt

Zee Ent's Punit Goenka pays Rs 50.7 lakh to settle matter with Sebi

The matter dates back to September 2020 when ZEEL announced the launch of pay-per-view service Zeeplex

ZEEL, IndusInd Bank settle dispute paving way for Sony-Zee merger

On February 22, the Mumbai bench of the NCLT had admitted the bank's insolvency plea against ZEEL

Zee Entertainment calls report of $10 million repayment 'speculative'

In a report on Thursday, Bloomberg said that the media company has agreed to repay its dues to the IndusInd Bank to resolve insolvency proceedings against it

Despite NCLT setback, analysts remain positive on Zee Entertainment

Their sum-of-the-parts valuations ranges between Rs 275 and Rs 390, which indicates uncertainty

NCLT admits plea for insolvency proceedings against ZEEL, Siti Networks

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

NCLT admits IndusInd Bank's insolvency petition against Zee Entertainment

The company is currently undergoing a merger with the Sony India which is pending with the regulatory authorities and the court