Zeel

Sebi bans 3 people for 2 yrs; fines Rs 90 lakh in ZEEL insider trading case

Sebi has barred three individuals from the securities market for two years and imposed penalty totalling Rs 90 lakh on them in a case pertaining to insider trading activities in the scrip of Zee Entertainment Enterprises Ltd (ZEEL). The three individuals banned by the regulator -- Bijal Shah, Gopal Ritolia and Jatin Chawla -- have also been directed to pay the fine within 45 days. In addition, Ritolia and Chawla have been directed to disgorge illegal gains to the tune of Rs 7.52 crore and Rs 2.09 crore respectively along with interest, the regulator said in its 152-page final order on Friday. The case relates to insider trading activities by certain entities in the scrip of ZEEL, while in possession of unpublished price sensitive information (UPSI) pertaining to audited financial results of the media company for the quarter ended June 30, 2020 as well as launch of ZEEPLEX by the company on September 1, 2020. Bijal Shah, who was head of the financial planning and analysis, strategy

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

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

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

NCLAT stays insolvency against Zee Entertainment on Punit Goenka plea

Goenka moved the NCLAT on Thursday, a day after the Mumbai bench of the NCLT admitted insolvency proceedings against Zee on a plea filed by IndusInd Bank -- a financial creditor of Zee

Merger with Sony will get stuck on insolvency proceedings, says ZEEL

The comments came as Zee's chief executive, Punit Goenka, on Thursday said in a statement that he expected a timely completion of a merger between Zee and Sony

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 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

IPRS moves NCLT against ZEEL, files insolvency plea claiming Rs 211-cr dues

The Indian Performing Right Society (IPRS) Ltd has moved the insolvency tribunal NCLT against Zee Entertainment Enterprise Ltd, claiming a default of Rs 211.41 crore, the media major said in a regulatory filing. However, Zee Entertainment Enterprise Ltd (ZEEL) added that it "will be filing its reply rejecting the claim on, inter alia, the ground that there is a pre-existing dispute between the parties on the claimed amount... " IPRS, which is a non-profit society comprising authors, composers and music publishers, had filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) 2016, as an operational creditor claiming dues towards royalty payable for utilisation of "literary and musical works". "A Petition has been filed against the Company under Section 9 of the IBC by the IPRS, an Operational Creditor, before the NCLT, Mumbai Bench for initiation of Corporate Insolvency Resolution Process against the company, claiming a debt and default of Rs 211.41 crore ...

Zee, Sony agree to sell three Hindi channels to address CCI concerns

Big Magic, Zee Action and Zee Classic are all part of Zee network; the merging firms have a combined viewership share of 36% in Hindi general entertainment, and 33% in Hindi movies

99.99% of Zee Entertainment shareholders vote for merger with Sony

Attention will likely shift back to the Competition Commission, which had granted conditional approval to the proposed deal last week

Zee Entertainment, Sony Pictures merger to escalate race for ads, content

Once Zee and Sony are merged, the new company will compete with Disney Star and Viacom18 for a larger share of advertising revenue and more content, according to media experts

CCI gives conditional nod to Zee-Sony merger, formal order awaited

Sony and Zee confirm development, say awaiting remaining regulatory approvals

Zee Entertainment's two promoter entities settle a case with Sebi

It was alleged that the entities violated insider trading norms and disclosure lapses under SAST (Substantial Acquisition of Shares and Takeovers) regulations.

Zee Entertainment Q4 net profit declines 33% to Rs 182 cr; expenses up 27%

The company had posted a net profit of Rs 272.36 crore in the January-March quarter a year ago, according to a BSE filing

Brokerages see more upside for ZEEL stock amid easing investor concerns

Though the stock has gained 35% over the past month, given that target prices of brokerages range between Rs 410-Rs 450 a share, there is still an upside of over 37% likely from the current levels

HC allows Invesco appeal against order on EGM to remove Zee's Punit Goenka

The Bombay High Court allowed an appeal by the largest shareholder of Zee Entertainment against a single-judge order granting interim injunction on holding an EGM to remove Zee's CEO Punit Goenka

Sebi lifts restrictions on 10 entities in Zee Ent insider trading case

Markets regulator Sebi on Friday lifted restrictions imposed on ten entities, including individuals, in a matter pertaining to alleged insider trading in the scrip of Zee Entertainment Enterprises Ltd

Zee-Sony merger: Tech charts suggest 35% upside for Zee Entertainment stock

On the higher side, the resistance comes in at Rs 400 and Rs 475 levels from a medium-term perspective

Sony Pictures Networks India, Zee Entertainment sign merger agreement

The agreements follow the conclusion of an exclusive negotiation period during which ZEEL and SPNI conducted mutual due diligence.

In relief to Zee Entertainment, HC stops Invesco from calling EGM

Zee cancels Wednesday's board meeting to consider Sept-quarter results