ZEE ENTERTAINMENT ENTERPRISES (ZEEL) has reached a settlement with IndusInd Bank in relation to their payment dispute, following which the private lender would withdraw insolvency proceedings initiated against the media firm.
This is important as ZEEL, an Essel Group company promoted by media baron Subhash Chandra, is close to completion of its earlier announced merger with Culver Max Entertainment (formerly Sony Pictures Networks India) to create the country's largest media firm.
The company and IndusInd Bank have mutually entered into the settlement agreement on such agreed terms by which all disputes and claims have been settled between the firm and the lender.
There is no penalty paid and no material impact on the financial position of the company, ZEEL said in a regulatory update.
After the announcement, ZEEL share prices ended up 3.40% at â¹216 on the BSE.
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