IndusInd Bank had moved NCLT claiming default of Rs 83.08 crore against the media & entertainment firm. The petition, to initiate insolvency proceedings against ZEEL, has been filed under section 7 of the Insolvency & Bankruptcy Code (IBC).
Kangana Ranaut's film Emergency didn't get any relief on Wednesday from the Bombay high court which refused to pass any order in the wake of a directive by the Madhya Pradesh HC directing Central Board of Film Certification (CBFC) to consider objections to the movie before certifying it.
The political period drama, also written and co-produced by Ranaut, was scheduled to hit theatres across the country on Friday but the makers are yet to get a clearance from the Central Board of Film Certification (CBFC) and the matter is currently in court.
The Bombay high court on Tuesday granted an interim injunction against Zee Entertainment Enterprise Ltd's (ZEEL) largest shareholder Invesco, restraining the latter from going ahead with the requisition of an extraordinary general meeting (EGM) seeking removal of the ZEEL MD and CEO Punit Goenka. A single bench presided over by Justice Gautam Patel said, "I have granted an injunction to the respondents." A detailed order of the court is awaited.
Debt funds have exposure of nearly Rs 8,000 crore to Zee group papers. Aditya Birla MF, HDFC MF, Franklin Templeton MF, and ICICI Prudential MF have the highest exposure, reports Samie Modak.
Unlike the TVF shows that manage to mine humour and nostalgia for family bonds that are seen to be fraying in real life, the ordinariness of Bakaiti becomes its stumbling block, observes Deepa Gahlot.
Kalanithi Maran's Sun Network and Subhash Chandra's Zee Entertainment, the two homegrown media companies, have maintained their number one and two positions, respectively, in the Asia-Pacific pay broadcaster ranks for the second year in a row.
Bored of the far ethat's currently on your television? Tune into Zindagi!
Emergency is caught up in a controversy after Sikh organisations, including the Shiromani Akali Dal, objected, accusing it of misrepresenting the community and getting historical facts wrong.
Zee and its lenders had decided to enter into an agreement to not offload the pledged shares amid a sharp slide in the prices of the underlying securities during end-Janury. The terms give the lenders a greater say, upside benefit from the proposed strategic sale, more cover and personal guarantee.
Invesco, the single largest shareholder of Zee Entertainment Enterprises Ltd (ZEEL), on Wednesday said it had tried to facilitate a possible deal between Reliance and the company but refuted claims it had pushed for the transaction at a lower valuation. The latest statement from Invesco comes a day after ZEEL chief Punit Goenka told the company's board that Invesco had come with a proposal in February for a merger with certain entities owned by a large Indian group (Strategic Group) with inflated valuation "by at least Rs 10,000 crore". In a statement on Wednesday, Invesco mentioned that Reliance was the large Indian group.
At its meeting held on Friday, the company's board rejected the minority shareholders' demand and termed the requisition as "invalid and illegal". "In its meeting held on 1st October 2021, the board has arrived at a conclusion that the requisition is invalid and illegal; and has accordingly conveyed its inability to convene the Extraordinary General Meeting to Invesco Developing Markets Funds and OFI Global China Fund, LLC," ZEEL said in a statement.
The innovation will be on its South Indian channels on September 23-24.
The last two months of the year have plenty of entertainment to offer.
Disney Star is mulling legal actions against Zee Entertainment for backing out from a $1.4 billion sub-licensing agreement for TV broadcast of international cricket matches in India, according to industry sources. This could brew another legal trouble for Zee Entertainment Enterprises Ltd (ZEEL), which is already facing an arbitration plea by Sony Group at the Singapore International Arbitration Centre, claiming $90 million for breach of conditions of their merger agreement. Disney Star, an Indian subsidiary of media conglomerate The Walt Disney Company, is working on its strategy over the development, said industry sources.
Sony Pictures Networks India Pvt Ltd (SPNI) and Zee Entertainment Enterprises Ltd (ZEEL) on Wednesday said they have signed definitive agreements for their merger following conclusion of an exclusive negotiation period during which both parties conducted mutual due diligence. In a joint statement, the two companies said they have "signed definitive agreements to merge ZEEL with and into SPNI and combine their linear networks, digital assets, production operations and program libraries". The agreements follow the conclusion of an exclusive negotiation period during which ZEEL and SPNI conducted mutual due diligence, it added.
The total buyback value shall not exceed 10 per cent of the paid-up capital and free reserves of the company for the financial year ended March 31, 2011.
Actor-politician Kangana Ranaut says she was forced to sell off her property in Mumbai after the release of directorial venture Emergency was postponed due to delay in getting a censor certificate.
Punit Goenka, the former director of Zee Entertainment Enterprises, is not the only one who lost his board seat due to shareholders' activism last fortnight. In recent past, institutional shareholders of several companies, including Nestle and Wipro, have pushed back against board proposals by taking an aggressive stance while voting.
Gautam Adani-owned Adani Ports and Special Economic Zone (APSEZ) will replace IT major Wipro in the 30-share BSE Sensex from June 24, according to an official announcement on Friday. This marks the first inclusion of any Adani Group firm in Sensex. The group has 10 listed firms with a combined market valuation surpassing Rs 17 lakh crore.
February is a slow month when it comes to original Hindi content on OTT.
Engineering and construction major Larsen & Toubro (L&T) reported a 25 per cent rise in net profit attributable to the owners of the company for the January-March quarter of 2024-25, owing to higher revenues and an exceptional gain. For the quarter under review, L&T posted a consolidated net profit of Rs 5,497.3 crore, while revenue rose 10.9 per cent year-on-year (Y-o-Y) to Rs 74,392.28 crore.
It's going to be an exciting month for OTT as numerous titles across languages will premiere online.
The CCI has asked the companies to explain within 30 days why an investigation should not be ordered.
The sharp pullback in mid and smallcap stocks signals a cooling-off period in segments that previously attracted considerable investor interest.
Goenka, who is the elder son of Essel group promoter and Zee chairman Subhash Chandra, has been MD of the media firm since January 1, 2010.
Madhabi Puri Buch, the first female chairperson of Sebi, doesn't plan to rest on her laurels in her third and final year in office and has set out an ambitious goal, such as moving towards a same-day and instantaneous settlement cycle for the secondary market.
Markets regulator Sebi on Monday barred Essel Group chairman Subhash Chandra and Zee Entertainment Enterprises Ltd (ZEEL) MD and CEO Punit Goenka from holding the position of a director or key managerial personnel in any listed company for siphoning off funds of the media firm. The case pertains to Chandra, who was also the chairman of ZEEL during the alleged violation, and Goenka having abused their position as directors or KMPs of a listed company for siphoning off funds for their own benefit. In its interim order, Sebi noted that Chandra and Goenka alienated the assets of ZEEL and other listed companies of Essel Group for the benefit of associate entities, which are owned and controlled by them.
'This is a first-of-its-kind partnership in the Indian media & entertainment landscape, and this association with Disney Star reflects our sharp, strategic vision for the sports business India.'
Industry experts believe that this deal will positively impact the Indian film industry, which is struggling with fewer movie releases.
Shares of Avenue Supermarts (DMart) have rallied 15 per cent in the past month, even as the benchmark National Stock Exchange Nifty has remained flat. The stock has garnered favourable commentary from both fundamental and technical analysts after three years of poor performance. "DMart has reached its first 52-week high since October 2021, taking off from solid base formations.
Zee5 is now the fifth largest streaming app after YouTube, Hotstar, MX Player and Voot, and there is talk of hiving off Zee5 to drive valuation, says Vanita Kohli-Khandekar.
Looking at the OTT releases coming up this summer.
His exit has created a benchmark of sorts for how entrepreneurs and businesses should deal with debt crises. Unlike many other Indian businessmen, he hasn't fled, tried to hang on to the business by any means or wrangle out of the debt by using his closeness to the current government. It is so very rare for Indian media businesses to grow out of their founding family's shadow, however, benevolent it may be.
According to industry players, over 50 FMPs have exposure to Zee Group companies.
"Unfortunate stance of Mia Sharif at UN. Zee is considering stopping Zindgi programs from Pakistan, as well artists from there should leave," Subhash Chandra tweeted.
The move by these broadcasters comes close on the heels of the Telecom Regulatory Authority of India announcing a review of its earlier tariff order, announced six months ago, which among others capped the prices for la carte channels.
The National Company Law Tribunal has admitted an Indusind Bank plea for insolvency proceedings against Zee Entertainment Enterprises Limited (ZEEL). The division bench of judicial member H V Subba Rao and technical member Madhu Sinha on Wednesday also appointed Sanjeev Kumar Jalan as the resolution professional in the matter. 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.
As the feud continues between Zee and Invesco, appellate body NCLAT on Thursday directed the National Company Law Tribunal (NCLT) to give reasonable opportunity to the media major to reply to Invesco's plea for holding a meeting of shareholders, and also remarked that the tribunal made an "error" by not providing sufficient response time. With the order capping a day of fast legal developments at the NCLAT as well as the NCLT within a span of a little over an hour, the spat between Zee Entertainment Enterprises Ltd (ZEEL) and minority shareholder Invesco will now come up for hearing before the NCLT on Friday. Invesco is seeking the ouster of ZEEL MD and CEO Punit Goenka and appointment of six new directors on its board.
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