Bombay HC dismisses Zee promoters petition challenging loan default order

Zee promoters Cyquator Media, Essel Corporate Llp and Direct Media Distribution Ventures in their petition, claimed that the order would cause them ‘grave prejudice’.

By
  • Storyboard18,
 | April 25, 2024 , 12:26 pm
Zee Entertainment had said it has plans to invest these funds to enhance strategic flexibility to pursue growth opportunities in the evolving media landscape.
Zee Entertainment had said it has plans to invest these funds to enhance strategic flexibility to pursue growth opportunities in the evolving media landscape.

The review petition filed by the promoters of Zee Entertainment Enterprises Ltd (ZEEL) challenging a December 2023 order in a loan default case was dismissed by the Bombay High Court on Wednesday.

Zee promoters Cyquator Media, Essel Corporate Llp and Direct Media Distribution Ventures in their petition, claimed that the order would cause them ‘grave prejudice’.

Read More: NCLT admits IBHFL’s personal insolvency plea against ZEE’s Subhash Chandra

On December 11, the Supreme Court issued a notice to Essel group firms, Cyquator Media Services and Direct Media Distribution Ventures, in response to an appeal by IDBI Trusteeship Services. The appeal challenges a National Company Law Appellate (NCLAT) order that dismissed its insolvency plea against the two companies.

Cyquator Media Services, affiliated with Zee Entertainment Enterprises Ltd (ZEEL), is among the companies under scrutiny.

Read More: ZEE’s Punit Goenka elevates key leaders while assuming charge of all critical businesses including Domestic Broadcast

Chief Justice of India (CJI) DY Chandrachud-led bench has granted the firms a four-week period to provide their responses to the notice.

Leave a comment