For a long long time now issues have been prominent in the merger of Sony and Zee. Needless to say, it was announced more than a year back but the merger is taking longer than it should.
However, it seems as if the merger is much nearer than it seems. In February, Binged informed you of the big problem Zee was facing with IndusInd Bank. The bank was looking for a payment of over default of INR 890 million.
But the issue is now solved as Zee has paid the said money to IndusInd Bank.
“We wish to update you that the Company and IndusInd Bank Limited have entered into a settlement agreement by which all disputes and claims have been settled between the Company and IndusInd Bank Limited,” said Zee Entertainment in a stock exchange filing.
This claim was great news for the stock market as we saw an immediate and rare jump of 4% in the stock value of Zee. Also, this was the only problem stopping the merger with Sony.
IndusInd Bank, on Wednesday, stated to NCLAT (National Company Law Appellate Tribunal) that it would also withdraw its objection to Zee Entertainment’s merger with Sony.
With this being done, we can expect a much delayed merger within the next 2-3 months.
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