Zee Entertainment Enterprises Limited has informed the Exchange regarding 'Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015'.
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The National Company Law Appellate Tribunal (NCLAT) has dismissed the appeal filed by IDBI Bank against Zee Entertainment, upholding the NCLT Mumbai order dated May 19, 2023. IDBI Bank had filed a Section 7 insolvency application against Zee (acting as corporate guarantor for Siti Networks Ltd) to recover approximately ₹149.60 crore in defaulted working capital facilities. The NCLT had earlier rejected the application as barred by Section 10A of the Insolvency and Bankruptcy Code (the COVID-era moratorium period that barred new insolvency filings between March 25, 2020 and March 25, 2021). NCLAT agreed that IDBI Bank's demand notice dated March 5, 2021 (which fell within the Section 10A period) was the first invocation of the guarantee, making the insolvency application time-barred. This brings final closure to the insolvency threat against Zee Entertainment.
Positive for Zee Entertainment shareholders — the insolvency case is now definitively closed at both NCLT and NCLAT levels, removing a significant legal overhang. With no admission of insolvency, there is no threat of resolution proceedings or potential change in management/ownership. This should be viewed as a relief for the stock.