Zee enters one-time settlement with Standard Chartered Bank for Siti Networks loan issue
Mumbai: Zee Entertainment Enterprises Ltd (ZEEL) on Thursday announced that it has reached a one-time settlement agreement with Standard Chartered Bank in connection with the credit availed by Siti Networks, a subsidiary of the Essel Group, media reports said.
Siti Networks had obtained credit facilities from Standard Chartered Bank. These facilities were secured by Zee Entertainment Enterprises Ltd (ZEEL) through its DSRA (Debt Service Reserve Account) support and undertaking.
“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," the company stated in a regulatory filing.
However, ZEEL has not revealed the settlement amount.
Earlier this week, the company conveyed to the National Company Law Appellate Tribunal (NCLAT) that it has resolved the dispute and as a result, the bank's plea opposing the merger of ZEEL and Sony has been withdrawn.
IndusInd Bank filed a case of insolvency against Siti Networks after a default of Rs 89 crore.
ZEEL is merging with rival Culver Max Entertainment Pvt Ltd, formerly known as Sony Pictures Networks India.
The merger will create India’s biggest media empire. The company has already received approval from major stakeholders and regulators including the fair trade regulator CCI.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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