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The division bench of Delhi High Court (HC) upheld the ruling of the HC’s single bench, clearing the decks for Franklin Templeton Mutual Fund (FT MF) to sell pledged shares of Essel group firms -- Zee Entertainment Enterprises (ZEEL) and Dish TV -- towards recovery of Rs 616 crore dues.
Essel group firms -- Cyquator Media, Direct Media and Khoobsurat Infra -- had appealed to the division bench after the single-bench of Delhi HC had declined any relief.
The pledges were created for Rs 425 crore non-convertible debenture (NCD) issue of Essel Infraprojects in May, 2015. They were up for maturity
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