Zee Entertainment Enterprises Limited has informed the Exchange about Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time
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Awaiting price reaction for this filing.
Zee Entertainment has informed exchanges that the Arbitral Tribunal, in its Final Award dated May 12, 2024, has rejected all claims made by Aditya Birla Finance Limited (ABFL) against the company. ABFL had sought to enforce a Letter of Comfort allegedly given by Zee for a INR 134 Cr term loan taken by Siti Networks, and was demanding either payment of INR 174.57 Cr (loan plus interest) or a refund of INR 108 Cr paid by Siti to Zee in FY 2020-21. Zee had contested that the Letter of Comfort was not a guarantee and that the INR 108 Cr was genuine payment for channel signals under TRAI interconnection rules. Zee's own counter claim of INR 15 Cr has been left open, with liberty to pursue remedies at the NCLAT.
Positive for shareholders — a potential liability of up to INR 174.57 Cr has been fully dismissed, removing a major overhang. A small INR 15 Cr counter claim remains open at NCLAT but is minor in size. The ruling should be viewed as a clean legal win and may support sentiment on the stock.