Zee Entertainment Enterprises Ltd (ZEEL) and Indian Performing Right Society Limited (“IPRS”) have entered into a settlement agreement by which all disputes and claims have been settled between the Company and IPRS and accordingly IPRS has agreed to withdraw the insolvency petition filed by them. ZEEL has further said that there is no penalty paid and no material impact on the financial position of the Company.
Meanwhile, ZEEL has to contend with another pending such petition filed by IndusInd Bank Ltd. The resolution of this pending petition will determine the fate of the merger between ZEEL and Sony Group. ZEEL had earlier stated that they would want the merger to be completed within this financial year.
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