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According to reports, JC Flower asset reconstruction company has reached a resolution with Subhash Chandra-led Essel Group to settle the outstanding dues, thereby ending a 2-year tussle between the group and YES Bank.
Dish TV's promoter had sought to restrain the lender from exercising its voting rights, interfering in or seeking to participate in the management and affairs of the company, or claiming rights to the shares. "In the present case, the use of the pledged goods will include the exercise of voting rights since the pledged goods are shares," observed Justice RI Chagla while disposing of an application filed by Dish TV promoters.
“The group has enough as sets to liquidate, pay off the settlement amount, get back whatever securities are pledged, and get free Dish TV and Zee Learn from JC Flowers. Dish TV's 24% stake would be valued around ₹800-900 crore,” said a banker. “The company is looking to close all transactions by Feb or March 2024.”
The agreement entails JC Flowers accepting 75 percent reduction in the debt, leading Chandra to repay JC Flowers Rs 1,500 crore to regain control over the family's stake in assets
The NCLAT has decided to hear IDBI Bank's plea against Zee Entertainment Enterprises Limited (ZEEL) on October 11. ZEEL is to file a response in two weeks. During the course of the hearing NCLAT observed that the case is to be heard as it involves a point of law