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The raid is being conducted at the Essel Group Continental office in Mumbai, reports said.
Arbitration proceedings are likely to add to Zee' litigation vows as it stood guarantee to the loan extended to Siti by Aditya Birla Finance
The board, at its meeting held on July 3, 2023, had advised the management to obtain opinion from external and independent experts to consider whether the requisition notice received on June 29, 2023, met the criteria for a valid requisition under the applicable provisions of the Companies Act, 2013 to call an EGM
Shirpur is a part of the Subhash Chandra Goenka led-Essel Group and has been taken to NCLT under IBC by its lenders. Amit Goenka was non-executive chairman and director of Shirpur till 2021-22.
As long as any share purchase by the Zee promoters is in the future and not part of the merger deal with Sony, Invesco may give it a green light, people aware of the matter said.
Yes Bank had disbursed loans of Rs 5,270 crore to Essel group and its sister concerns between 2016 and 2018
Avaada Energy is owned by Vineet Mittal, the former promoter of Welspun Energy. He left the Welspun Group after selling the entire 1.1 GW renewable energy portfolio of Welspun Energy To Tata Power for $1.4 billion.
As of the June quarter, the promoters hold 21.69 percent of Zee Learn and 14.72 percent in Zee Media Corporation, formerly known as Zee News.
Jawahar Goel, who is the brother of Essel Group promoter Subhash Chandra, now owns 30.37 percent shares in DTH entertainment service provider Dish TV
HDFC AMC had marked down Rs 120 crore due to the drop in share prices of ZEE and Dish TV, which were used as collateral by Essel group.
Earlier on December 05, 2019, the NCDs issues by Essel Infra Projects were valued based on a 50 percent haircut, as the bank loan facility of the issuer was downgraded to Default (D).
HDFC Mutual Fund received a total of Rs 167 crore while ICICI Prudential AMC received Rs 270 crore from Essel Group.
In September, Essel group had made a part payment to the tune of Rs 2,300 crore to some mutual funds when they sold a 11 percent stake
After the transaction, Essel's holding will come down to five percent in Zee, out of which encumbered holding will be 1.1 percent.
The stake sale will be to clear loan obligations to certain lenders of the group.
To build the book for the sale of pledged shares, Essel has hired JP Morgan and Citi.
A meeting with lenders is underway and the company has assured them that it has a ready buyer.
Essel Media, a subsidiary of Subhash Chandra's cash-strapped Essel Group, had a 10.71 percent stake in Zee Entertainment.
Zee's lenders have recovered nearly 50 percent of their outstanding dues, reports suggest
The move comes in the backdrop of Essel Group’s announcement on September 25 that its lenders have unanimously agreed to extend the repayment timeline, enabling it to optimise the value output from the sale of its assets
Sources told Moneycontrol that Essel Group has received a six months extension to repay dues from Aditya Birla Asset Management Company, HDFC AMC, Franklin Templeton AMC, and three others.
In July, Essel Group sold an 11 percent stake in ZEE Entertainment to Invesco Oppenheimer Developing Markets Fund in a deal worth Rs 4,224 crore.
Two of the prospective on-sale projects are already operative while two are under construction
The deal is likely to be sealed at 17 percent to 20 percent premium over the last six months’ average market value.
Most investors in close-ended debt schemes are corporate treasuries and institutions; retail investors have a negligible presence in closed debt schemes.
