Zee announces one-time settlement with Standard Chartered Bank over Siti Networks loan
The network made the announcement in a regulatory filing
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Published: Mar 31, 2023 2:10 PM | 1 min read
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Zee Entertainment Enterprises Ltd (ZEEL) has announced that it has entered into a one-time agreement with Standard Chartered Bank over a loan taken by Siti Networks, a multi-system operator promoted by the Essel Group.
Siti Networks was given credit facilities by the bank and ZEEL was the guarantor.
The company claimed in a regulatory filing: "Since the Borrower has defaulted in its debt repayment obligations to the Bank, the Company has entered into a one-time settlement agreement with the Bank in respect of DSRA Claims/Undertaking in the interest of amicably resolving the issues between the parties." ZEEL hasn't mentioned the debt amount in the announcement.
ZEEL recently announced that it had settled its disputes with IndusInd Bank, removing a crucial roadblock in its merger with Culver Max Entertainment.
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