Page 2 - Zee Entertainment

Zee Entertainment insolvency: CEO Punit Goenka moves NCLAT for relief

Says taking all necessary steps to protect interest of stakeholders and achieve timely completion of proposed merger with Sony

Zee shares tumble over 14% intra-day; recover most of lost ground at close

Shares of Zee Entertainment Enterprises Limited (ZEEL) tumbled over 14 per cent in intra-day trade after the National Company Law Tribunal admitted an IndusInd Bank plea for insolvency proceedings against the media firm. The stock tanked 14.23 per cent to Rs 176.60 -- its 52-week low -- during the day on the BSE. However, it later recovered most of the early lost ground and ended 3.47 per cent lower at Rs 198.75 apiece. On the NSE, it settled 3.46 per cent lower at Rs 199.20 per piece after falling 14.44 per cent to Rs 176.55 -- its 52-week low -- in intra-day trade. In volume terms, 26.67 lakh shares were traded on the BSE and over 7.65 crore shares on the NSE during the day. The National Company Law Tribunal has admitted an IndusInd Bank plea for insolvency proceedings against ZEEL. 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 fil

Zee's Goenka moves NCLAT to challenge admission of bankruptcy proceedings

Zee Enterprises' managing director and chief executive Puneet Goenka on Thursday moved appellate tribunal NCLAT challenging the order of the National Company Law Tribunal which admitted an IndusInd Bank plea for insolvency proceedings against the firm. The appeal seeking relief against the National Company Law Tribunal's Mumbai bench order was filed by Goenka in the National Company Law Appellate Tribunal (NCLAT) on Thursday, as per an official statement from the company. "Goenka is taking all the necessary steps as per law to protect the interests of all stakeholders of Zee Entertainment Enterprises (ZEEL) and to achieve a timely completion of the proposed merger with Culver Max Entertainment," the statement said. A division bench of judicial member H V Subba Rao and technical member Madhu Sinha had on Wednesday admitted the plea by private sector lender IndusInd Bank and also appointed Sanjeev Kumar Jalan as the resolution professional in the matter. The matter pertains to a defa

Zee Entertainment tanks 14% as NCLT admits company to insolvency resolution

The NCLT decision to begin bankruptcy proceedings has overshadowed Zee Entertainment's merger with Culver Max Entertainment (Sony)

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

Zee Entertainment dips 4%, nears 52-week low on weak Q3 results

The company said advertisement revenue YoY growth impacted due to FTA withdrawal (Zee Anmol) and slowdown in FMCG spends due to challenging macro-economic environment.

Stocks to watch: Adani Enterprises, ONGC, Nykaa, IRB Infra, Castrol India

Stocks to watch today: Adani Enterprises, ONGC, Coal India, Siemens, Grasim Industries, Eicher Motors, among others will report the October-December (Q3FY23) quarter results

Zee Entertainment Dec quarter profit plummets 92% as ad spends shrink

Zee Entertainment Enterprises reported a 92% slump in quarterly profit, hurt by shrinking advertisement spending and a rise in expenses

UBL, CDSL: 5 oversold mid-, small-caps to bet on amid hopes of mkt reversal

Few oversold stocks have now reached their crucial levels that resulted in a robust breakout earlier. These are resilient cushions, with underlying strength capable of holding accumulative stance

NCLT adjourns Zee Entertainment lenders' pleas against merger to Feb 2

The matter had come up in the NCLT court on Thursday, where IndusInd Bank, Axis Finance and IDBI Bank had sought permission to file applications to intervene in the proposed merger

Stocks to Watch: Zomato, IRCTC, Maruti Suzuki, RIL, Birlasoft, M&M Fin, ZEE

Stocks to watch today: Maruti Suzuki India recorded a 16.5 per cent YoY decline in production volume for passenger vehicles in December 2022

Operational creditor has filed Rs 211-cr insolvency case: Zee Entertainment

Firm says it will fileits reply rejecting the claim on the ground that there was a pre-existing dispute between the parties on the claimed amount

IDBI Bank files insolvency plea against Zee Ent to recover Rs 149 cr

IDBI Bank has moved the National Company Law Tribunal (NCLT) against Zee Entertainment Enterprises Ltd (ZEEL) seeking an insolvency proceeding against the media firm to recover dues of Rs 149.60 crore. IDBI Bank has claimed an amount of Rs 149.60 crore, which has been disputed by ZEEL, said a regulatory update from the media major. IDBI Bank has filed an application under section 7 of the Insolvency and Bankruptcy Code, 2016, claiming to be a financial creditor, before NCLT for initiation of Corporate Insolvency Resolution Process against the company, it added. "The bank's purported claim arises under a Debt Service Reserve Agreement entered into by the bank and the company for the financial facility availed by Siti Networks Ltd," it said. ZEEL is "vehemently disputing the bank's claim in other proceedings filed by the bank against the company for recovery of its alleged dues," it added further. SITI Networks, formerly known as SITI Cable Network, is a part of the Essel Group. It

Tariff order, consolidation to support rally in broadcasting stks: Analysts

New Delhi Television (NDTV), Dish TV, Sun TV Network, and Zee Entertainment outperformed the indices over the last six months by surging between 18 per cent and 95.5 per cent

Sensex falls 171 pts, Nifty holds 18,300; Dr.Reddy's down 4%, LIC jumps 6%

CLOSING BELL: The key benchmark indices gyrated in a narrow trading band on Monday, before settling with losses as FMCG stocks slipped.

F&O expiry: Sensex rises 213 pts, Nifty holds 17,750; metals rally, IT slip

CLOSING BELL: Tata Steel, Power Grid, Sun Pharma, Axis Bank, Bharti Airtel, Kotak Bank, M&M, HDFC, Dr Reddy's Labs, and Titan were the leading winners

Top Headlines: Passenger vehicle sales up, legal power to CCI and more

Business Standard brings you the top headlines at this hour

Stocks to watch: Zee Ent, SBI Cards, Tata Chemicals, Glenmark Pharma, Dabur

Stocks to watch today: SBI Cards, Indus Towers will report July-September quarter results on Thursday, October 27; Sony India and Zee Ent plan to sell 3 Hindi channels to address anti-competition

Invesco, others sell 5.51% of Zee Entertainment shares worth Rs 1,396 crore

Investment firm Invesco and OFI Global China along with other entities sold 5.51 per cent in Zee Entertainment Ltd (ZEEL) for more than Rs 1,396 crore through open transactions. A total of 5,29,35,068 shares of the company were offloaded at a price of Rs 263.7 apiece, according to block deal data available with the National Stock Exchange (NSE). OFI Global China and funds managed by Invesco offloaded a total of 5.46 per cent stake. The funds are Invesco Developing Markets Fund, Invesco Emerging Markets Equity Trust, MML Strategic Emerging Markets Fund and Invesco Emerging Markets Equity Trust. Besides, PF Emerging Markets Fund and Emerging Markets of the Pacific Select Fund sold ZEEL shares, as per the data. The total transaction value is more than Rs 1,395.89 crore. At the end of the June quarter, OFI Global China owned 10.14 per cent stake in the company. A clutch of mutual funds, foreign investors and insurance companies bought the shares. They include Aditya Birla Sun Life M

Zee Entertainment surges 6% after 53 mn shares change hands via block deal

According to reports, Invesco Developing Markets Fund, which has a 10.14 per cent stake in ZEE, was looking to sell half of its stake in the company in a block deal