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Zee Entertainment Enterprises Ltd (ZEEL) tumbled over 33% Tuesday and touched its 52-week low of Rs152.50 on NSE following a termination letter sent by Sony to call off the merger
The Supreme Court has agreed to examine a plea filed by IDBI Trusteeship Services against National Company Law Appellate (NCLAT) orders refusing to initiate insolvency proceedings against two promoter companies of Zee Entertainment Enterprises ...
Two promoter companies of ZEEL have been given four-week period by the SC to respond to the notices.
Agreeing to hear a petition filed by IDBI Trusteeship Services Ltd against an order from the National Company Law Appellate Tribunal (NCLAT) rejecting an insolvency plea against Essel group companies, the Supreme Court issued notices to Cyquator Media Services and Direct Media Distribution Ventures. Cyquator Media Services is a promoter group company of Zee Entertainment Enterprises Ltd (ZEEL).
A two-member bench of the appellate tribunal observed that the default, claimed by IDBI Trusteeship, had happened during June 2020, which is covered under the period excluded under Section 10A of the Insolvency and Bankruptcy Code, 2016. Section 10A bars absolutely and forever, the filing of any application under Sections 7, 9 and 10 of the Code, for defaults committed on or after March 25, 2020 up to March 25, 2021.