Close on the heels of Zee Entertainment Enterprises Ltd announcing it has entered into an agreement with IndusInd Bank Ltd to settle all disputes and claims between the two parties, ZEE declared Friday that the Indian media major 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 stated 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.”
ZEE hasn’t mentioned the loan amount in its filing.
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