Punit Goenka files appeal against NCLT order

NEW DELHI: Zee Entertainment MD and CEO Punit Goenka filed an appeal in the National Company Law Appellate Tribunal (NCLAT) on Thursday, seeking relief against the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT).

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.

“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,” a statement from Goenka’s office said.

Zee Entertainment was down more than 3 per cent in trade on Thursday after the company was admitted in insolvency proceedings. It was trading at Rs 187.60 on BSE down by 8.89 per cent in noon trade and its stock is at a 52 week low now.

In the petition filed by Indusind Bank Ltd. against the Company under Section 7 of the Insolvency & Bankruptcy Code, 2016, the NCLT, Mumbai Bench has pronounced its order dated February 22 admitting the company to corporate insolvency resolution process under the provisions of the Code, it said in a stock exchange filing.