ZEEL calls report on repayment of $10 million to IndusInd Bank 'speculative'

[{"selector":"#anim-3a430817-7fbc-4986-9279-d6831dd7d3d7","keyframes":{"opacity":[0,1]},"delay":450,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-64ebb757-f26e-4757-88c5-129f4971a334","keyframes":{"transform":["translate3d(-122.37762%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":450,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Zee Entertainment Enterprises Ltd. (ZEEL) on March 16 slammed the report saying that the company is set to repay $10 million to IndusInd Bank to wrap Sony deal and called it 'speculative'.

[{"selector":"#anim-698973d6-33b3-4647-afea-a3430eab533c","keyframes":{"opacity":[0,1]},"delay":450,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1466c29d-3ebf-42cc-841b-ec7782a380b9","keyframes":{"transform":["translate3d(-122.37762%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":450,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Issuing a clarification to the stock exchanges, the media company said that it is exploring several strategies, including settlement

[{"selector":"#anim-1e9555e2-2050-4d9d-9498-f1c34ccaa088","keyframes":{"opacity":[0,1]},"delay":450,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-800ab611-b011-4a6d-8e69-cd09bc30d727","keyframes":{"transform":["translate3d(-122.37762%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":450,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] in relation to the ongoing dispute mentioned in the news report.

[{"selector":"#anim-52ed407e-e88a-4fef-a058-fac870db6c15","keyframes":{"opacity":[0,1]},"delay":450,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a663dd95-307c-496d-bd1d-bb7bb0f1c549","keyframes":{"transform":["translate3d(-122.37762%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":450,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] However, it added, "there is no clarity at this stage as to which resolution or strategy the Company will finally pursue, much less the timing of any such strategy.

[{"selector":"#anim-d88058c1-7710-456d-ad0d-3d7bbb2a6bee","keyframes":{"opacity":[0,1]},"delay":450,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-28a82614-0352-4d91-ba1d-7d9ebee90509","keyframes":{"transform":["translate3d(-122.37762%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":450,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Accordingly, we believe that the news report is speculative in nature."

[{"selector":"#anim-1444e9c3-6d51-43c6-941e-81e99a56dd58","keyframes":{"opacity":[0,1]},"delay":450,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4f7c2594-a125-4f74-91ad-07d9a87c8b01","keyframes":{"transform":["translate3d(-122.37762%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":450,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] IndusInd Bank approached the bankruptcy court in February to initiate insolvency proceedings against ZEEL,

[{"selector":"#anim-a77c5895-a751-4724-8857-53802a6ac500","keyframes":{"opacity":[0,1]},"delay":450,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9d2bbe5c-7a7d-48fe-8303-6e4201d843ce","keyframes":{"transform":["translate3d(-122.37762%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":450,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] a move that could have threatened the merger by stopping all transactions, including asset transfers.

[{"selector":"#anim-23ec38b8-5286-47ef-a608-9d5523f64b07","keyframes":{"opacity":[0,1]},"delay":450,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6892a7d2-edd3-44d8-bed0-dd7aaca4ea92","keyframes":{"transform":["translate3d(-122.37762%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":450,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Insolvency proceedings against the media company were put on hold last month by the National Company Law Appellate Tribunal.

[{"selector":"#anim-c5f2a744-f145-4c30-845a-f92a5b46b628","keyframes":{"opacity":[0,1]},"delay":450,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-df9b67b7-6959-4cf5-9060-314e57758e56","keyframes":{"transform":["translate3d(-122.37762%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":450,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] The National Company Law Appellate Tribunal (NCLAT) decided to keep the NCLT's order admitting insolvency

[{"selector":"#anim-4425533f-5952-4070-9c6d-87daa513e1ef","keyframes":{"opacity":[0,1]},"delay":450,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-46fa7768-c69d-49c9-be5b-c7d00bac3567","keyframes":{"transform":["translate3d(-122.37762%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":450,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] proceedings against ZEEL last month. A hearing will be held on March 29.