Latest News | Zee Ent Shares Climb over 3 Pc on Settling Disputes with IndusInd Bank

New Delhi, Mar 29 (PTI) Shares of Zee Entertainment Enterprises Ltd and IndusInd Bank ended in the positive territory on Wednesday following an agreement to settle all disputes and claims between the two parties.

The stock of Zee Entertainment advanced 3.40 per cent to finish at Rs 216 on the BSE. During the day, it jumped 5 per cent to Rs 219.45.

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Shares of IndusInd Bank climbed 2.02 per cent to end at Rs 1,056.95. During the day, it went up by 2.69 per cent to Rs 1,063.95.

Zee Entertainment Enterprises Ltd on Wednesday said it has entered into an agreement with IndusInd Bank Ltd to settle all disputes and claims between the two parties.

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On February 24, the National Company Law Appellate Tribunal (NCLAT) stayed the insolvency proceeding that was initiated against Zee Entertainment Enterprises Ltd (ZEEL) on a petition filed by IndusInd Bank before the National Company Law Tribunal (NCLT).

In a regulatory filing on Wednesday, ZEEL said, "... the company and IndusInd Bank Ltd have entered into a settlement agreement by which all disputes and claims have been settled between the company and IndusInd Bank Ltd".

In February last year, IndusInd Bank filed a plea before the Mumbai bench of NCLT to initiate insolvency proceedings against ZEEL, claiming that the media and entertainment firm defaulted Rs 83.08 crore.

The settlement with IndusInd Bank will be a major reprieve for ZEEL, which is merging with rival Culver Max Entertainment Pvt Ltd, formerly known as Sony Pictures Networks India, which will create India's biggest media empire.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)