GECs
NCLT admits Zee Entertainment to insolvency
Mumbai: On Wednesday, Zee Entertainment Enterprises Ltd. was given permission to begin insolvency proceedings by the National Company Law Tribunal’s Mumbai bench.
Sanjay Kumar Jhalani was chosen by the court to serve as the interim resolution specialist.
The order was issued in response to a petition filed by IndusInd Bank Ltd. after the company failed to meet its obligations under a Debt Service Reserve Account Agreement between the bank and Siti Networks Ltd., to which Zee was also a party.
Siti Networks is a subsidiary of the Essel Group.
According to the terms of the agreement, Zee guaranteed IndusInd Bank’s Rs 150 crore loan to Siti Networks, which was required to keep an amount equal to one quarter’s interest and one quarter’s principal in the account at all times for the purpose of servicing its debts. Zee had promised to keep such a sum under the terms of the agreement, but had failed to do so.
ZEEL MD Punit Goenka’s office release a statement saying, “ Mr. Punit Goenka has filed an appeal in the Hon’ble National Company Law Appellate Tribunal (NCLAT) today, seeking relief against the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT). Mr. Goenka is taking all the necessary steps as per law, to protect the interests of all stakeholders of Zee Entertainment Enterprises Ltd. (ZEE) and to achieve a timely completion of the proposed merger with Culver Max Entertainment Pvt. Ltd. Mr. Goenka firmly believes in the potential of the merger, to deliver immense value to all stakeholders. ZEE is a debt-free & financially strong company, and believes in value creation for its stakeholders.” –
According to IndusInd, Siti has been a continuous defaulter since September 2019 and has failed to maintain the account. According to it, the default amounted to Rs 89 crore on that date. Zee, as a guarantor, should be held liable for such defaults, it argued to the tribunal.
Zee Entertainment questioned the petition’s viability, claiming that the default occurred in October 2020, when the insolvency code was suspended. According to it, a default cannot occur unless the bank explicitly invokes the guarantee, which did not occur until 2020.
Objections were also raised regarding the default amount, which states that the claim amount cannot exceed Rs 69 lakh as of 2019, which is significantly less than the minimum threshold of Rs 1 crore mandated by the insolvency code.
The tribunal granted the bank’s petition despite Zee’s arguments. Concurrently, the court granted IndusInd’s insolvency petition against Siti Networks. Rohit Mehra has been appointed as the process’s interim resolution professional. Zee Entertainment is in the process of merging with Culver Max Entertainment Pvt., a wholly owned indirect subsidiary of Sony Group Corp.
GECs
Samsung TV Plus launches Kings of Comedy channel
New free FAST channel brings iconic Hindi comedy shows to millions of Samsung Smart TV owners.
MUMBAI: Samsung TV Plus has just turned up the laughter volume and it’s completely free. The leading free ad-supported streaming television (FAST) service in India has launched Kings of Comedy, a premium comedy channel featuring some of the country’s most beloved primetime shows. Available exclusively on Samsung TV Plus, the channel delivers back-to-back hits including Comedy Nights with Kapil, Khatra Khatra Khatra, and Comedy Nights Bachao, with no login or subscription required.
The launch marks a milestone for free streaming in India, offering audiences a dedicated comedy destination directly from their Samsung TV home screen. It arrives as Samsung TV Plus India celebrates its 5th anniversary, during which the service has grown its monthly active users by 42 per cent and more than doubled its total viewing hours. The platform now offers over 180 free channels across 14 languages.
Samsung TV Plus India general manager and head of business development Kunal Mehta said, “Comedy is the heartbeat of Hindi entertainment, and Kings of Comedy brings together the shows Indians already love, completely free on their Samsung TV. Our focus remains the same take the content people know and make it effortless to access.”
Globally, Samsung TV Plus has surpassed 100 million monthly active users across more than 4,500 channels, solidifying its position as one of the world’s leading free streaming services.
Kings of Comedy is now available on all compatible Samsung Smart TVs. For viewers seeking non-stop laughter without any cost, this new channel delivers a royal treat proving that sometimes the best entertainment really does come with no strings (or subscriptions) attached.
