Zee Entertainment Enterprises (ZEEL) rose 6.29% to Rs 194.45 after the exchanges reverted surveillance actions against the company after NCLAT stayed insolvency proceedings against it.
The National Stock Exchange has withdrawn the circular excluding ZEEL from the futures and options segment after the company got interim relief from National Company Law Appellate Tribunal (NCLAT) on the bankruptcy proceedings.NSE said on Monday the circular dated February 23 regarding the exclusion of F&O contracts on ZEEL stands withdrawn. "In addition to existing contracts with expiry months of March 2023 and April 2023, the futures and options contracts with May 2023 expiry shall also be made available for trading from February 28, 2023," the NSE circular said.
NSE had removed Zee Entertainment from the F&O segment after the expiry of all the existing contracts. The action followed National Company Law Tribunal (NCLT)'s order admitting an insolvency plea filed by IndusInd Bank, one of ZEE group's lenders, against the company and its subsidiary Siti Networks.
The matter pertains to an alleged default of Rs 89 crore by ZEE Group's arm Siti Networks for which ZEEL was a guarantor.
ZEEL is a media & entertainment company offering entertainment content to diverse audiences. It is present across broadcasting, movies, music, digital, live entertainment, and theatre businesses, both within India and overseas.
The company's consolidated net profit slumped 91.9% to Rs 24.31 crore in Q3 FY23 as against Rs 298.73 crore recorded in Q3 FY22. Revenue from operations declined marginally to Rs 2,111.18 crore in quarter ended 31 December 2022 from Rs 2,112.64 crore posted in the same period a year ago.
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