Zee Entertainment Enterprises has written to SEBI that "continuous and repetitive" investigations on the same cause of action creates prejudice for the Company and Shareholders, and can potentially impact the merger process.
SEBI has given a No Objection Certificate ('NOC') to the Composite Scheme of Merger in the matter of ZEEL and Sony Pictures Networks India Pvt. Ltd. ('Sony'), which is one of the largest integrations of industry majors in the media industry and entails an incoming foreign direct investment of USD 1.7 billion (approx.) into India.
In a letter to SEBI, Zee said, "Please note that the said merger is at an advanced stage post receipt approvals from various regulators (including SEBI, Stock Exchanges and CCI etc.) and the scheme is also approved by 99.9 per cent of the equity shareholders of ZEEL."
Zee said, "It may also be noted that the transactions in the present matter pertain to the year 2019 and a detailed explanation has already been provided to Stock Exchanges and SEBI.
"It is beyond our comprehension as to why the present matter is being re-investigating/re-examining, when the cause of action pertaining to the matter is around 4 years old," the company said.
"It is submitted that we were never privy to the loan arrangements between Borrower Entities and Yes bank or the loan amount involved. There was no privity of contract between the Yes Bank, ZEEL and the Borrowing entities. The misappropriation of ZEEL's FD was the result of the unilateral action of YBL without any action on part of the ZEEL.
"It is submitted that ZEEL happens to itself be a victim of the misappropriation by Yes Bank. Therefore, pursuant to the misappropriation, ZEEL has taken every step to ensure that money is recovered and no loss is cause to the shareholders, thereby acting in the interest of the shareholders," the company said.
They damage the nation abroad: EAM Jaishankar slams Rahul’s ‘falsehood’ on ‘Trump invite’ claims
External Affairs Minister (EAM) S Jaishankar on Monday hit back at the Leader of Opposition (LoP) Rahul Gandhi over his claims that the former went to the United States of America to get an invitation for Donald Trump’s inauguration, stating that such falsified statements only go on to harm the ‘interests and reputation’ of the country abroad.
Positive impact of regular contacts evident in India-Russia strategic partnership: President Murmu
President Droupadi Murmu on Monday asserted that the "positive impact" of regular contacts is evident in the broader 'India-Russia Special and Privileged Strategic Partnership' which continues to benefit significantly from the ongoing interaction at various levels.
Over to voters: High-decibel campaign for Delhi election ends
Campaigning for the most hotly contested Assembly election in Delhi ever ended at 5 p.m. on Monday, drawing curtains on months-long, high-decibel electioneering replete with AI-generated memes, acerbic jibes and venomous barbs and a race to woo voters with freebies, including monthly doles to women and the youth.
Rahul Gandhi’s rare praise for ‘Make In India’ project in LS, followed by jibe
Congress MP and the Leader of Opposition (LoP) Rahul Gandhi on Monday made a rare praise for the ‘Make In India’ program, even commending the Prime Minister Narendra Modi for bringing in the ‘good idea’ but then went to disapprove it by calling it ‘damp squib’.
Govt likely to introduce new income tax bill on Feb 6
After the revision in tax slabs in the Union Budget 2025-26 to leave 'enough money in the hands' of taxpayers, the government is likely to unveil the much-anticipated draft of the new Income Tax Bill on February 6.
10 TN fishermen arrested by Sri Lankan Navy; mechanised boat seized
Ten fishermen from Rameswaram, Tamil Nadu, were arrested by the Sri Lankan Navy in the early hours of Monday for allegedly crossing the International Maritime Boundary Line (IMBL).
Maha Kumbh: Spiritual leaders, devotees celebrate Basant Panchami with Amrit Snan
On the auspicious occasion of Basant Panchami, devotees gathered at the Triveni Sangam during the ongoing Maha Kumbh 2025 in Prayagraj for the much-awaited Amrit Snan (holy bath), marking a significant spiritual milestone.
Delhi Assembly polls: Campaigning to end today; parties make final push
The high-voltage campaigning for the Delhi Assembly elections will come to an end at 5:00 p.m. on Monday, with all three major political parties, the ruling Aam Aadmi Party (AAP), the Bharatiya Janata Party (BJP) and the Congress, making their final efforts to woo voters.