{"id":5593,"date":"2023-02-24T10:02:50","date_gmt":"2023-02-24T10:02:50","guid":{"rendered":"https:\/\/apkwebtech.in\/site\/?p=5593"},"modified":"2023-02-24T10:02:53","modified_gmt":"2023-02-24T10:02:53","slug":"law-tribunal-stays-insolvency-proceedings-against-zee-entertainment","status":"publish","type":"post","link":"https:\/\/apkwebtech.in\/site\/law-tribunal-stays-insolvency-proceedings-against-zee-entertainment\/","title":{"rendered":"Law Tribunal Stays Insolvency Proceedings Against Zee Entertainment"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Earlier today, Zee Entertainment Enterprises Ltd had told the tribunal that its merger with a local unit of Japan&#8217;s Sony will &#8220;get stuck&#8221; due to the initiation of insolvency proceedings against the company.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Bengaluru:&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An Indian tribunal said on Friday it put on hold insolvency proceedings initiated against media company Zee Entertainment Enterprises.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Earlier today, Zee&nbsp;Entertainment Enterprises Ltd had told the tribunal that its merger with a local unit of Japan&#8217;s Sony will &#8220;get stuck&#8221; due to the initiation of insolvency proceedings against the company.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The comments came as&nbsp;Zee&#8217;s chief executive, Punit Goenka, on Thursday said in a statement that he expected a timely completion of a merger between&nbsp;Zee&nbsp;and Sony.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yesterday, Punit Goenka had challenged the insolvency proceedings against the company initiated by a bankruptcy court over a loan default from IndusInd Bank Ltd.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The\u00a0Zee\u00a0network, set up in 1992, had a network share of 16.2% as of Dec. 31 2022. The deal with Sony was set to vault the companies into pole position over Disney&#8217;s Star India.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Shares of\u00a0Zee\u00a0Entertainment sank to a 17-month low on Thursday after it was taken in for insolvency proceedings, raising fears of possible delays on the\u00a0Zee-Sony merger, aimed at creating a $10 billion media powerhouse in India.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Source : https:\/\/www.ndtv.com\/business\/law-tribunal-stays-insolvency-proceedings-against-zee-entertainment-3810226#pfrom=home-business_topstories<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Earlier today, Zee Entertainment Enterprises Ltd had told the tribunal that its merger with a local unit of Japan&#8217;s Sony[&#8230;]<\/p>\n","protected":false},"author":1,"featured_media":5594,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_joinchat":[],"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-updates"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.0.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"Earlier today, Zee Entertainment Enterprises Ltd had told the tribunal that its merger with a local unit of Japan&#039;s Sony will &quot;get stuck&quot; due to the initiation of insolvency proceedings against the company. 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