ZEE Entertainment settles claims under DSRA agreement signed with lenders to Siti Networks

Zee Entertainment Enterprises Limited (ZEEL) announced that in respect of DSRA undertaking given by ZEEL in relation to credit facilities granted by Induslnd Bank Limited (“Induslnd”) and Standard Chartered Bank (“SCB”) to SITI Networks Limited (“the Company”), (‘Induslnd’ and “SCB’ hereinafter collectively referred to as “lending Banks”),-

(i) ZEEL and the lending Banks have mutually agreed to settle all claims against ZEEL and the Company under the DSRA Undertakings.

(ii) on full payment of settlement amount and completion of settlement terms, ZEEL will be entitled to recover the settlement amount from the Company and all the rights of the lending Banks against the Company shall vest with ZEEL as per applicable law.