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'.

Issuing a clarification to the stock exchanges, the media company said that it is exploring several strategies, including settlement

in relation to the ongoing dispute mentioned in the news report.

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.

Accordingly, we believe that the news report is speculative in nature."

IndusInd Bank approached the bankruptcy court in February to initiate insolvency proceedings against ZEEL,

a move that could have threatened the merger by stopping all transactions, including asset transfers.

Insolvency proceedings against the media company were put on hold last month by the National Company Law Appellate Tribunal.

The National Company Law Appellate Tribunal (NCLAT) decided to keep the NCLT's order admitting insolvency

proceedings against ZEEL last month. A hearing will be held on March 29.