Minority shareholders of ICICI Securities led by Bengaluru-based investment manager Manu Rishi Guptha have filed a class action suit with National Company Law Tribunal (NCLT) against ICICI Bank’s bid to delist its broking arm from the Indian bourses. Last month, nearly 72% shareholders approved the scheme of arrangement for the merger of ICICI Securities with …
The bankruptcy court has admitted Indiabulls Housing Finance Ltd’s (IHFL) application to initiate insolvency resolution proceedings against Essel Group chairman Subhash Chandra for default by a company called Vivek Infracon. Chandra was a personal guarantor against the loans availed by the company.The New Delhi bench of the National Company Law Tribunal (NCLT) presided by judicial …
The National Company Law Tribunal (NCLT) on Monday ordered insolvency proceedings against media baron Subhash Chandra on a plea filed by Indiabulls Housing Finance. A two-member Delhi bench of the NCLT directed initiation of the Corporate Insolvency Resolution Process (CIRP) against Zee Entertainment Enterprises Ltd (ZEEL) Chairman Emeritus Chandra, who was a guarantor for a …
ZEE Entertainment Enterprises Limited (ZEEL) has withdrawn its application from the National Company Law Tribunal (NCLT) that sought directions to Sony Group Corp-owned Culver Max Entertainment and Bangla Entertainment to implement the composite scheme of arrangement between the three companies. In an official statement issued late on Monday evening, the company said it has withdrawn …
The National Company Law Tribunal (NCLT) adjourned the hearing in the scheme of arrangement between Walt Disney-owned Star India and its subsidiary Novi Digital Entertainment, which owns the streaming platform Disney+ Hotstar, to March 27. The hearing was postponed on February 21 because the Indian Performing Right Society (IPRS), which opposes the scheme, has informed …
Mumbai: The Ministry of Corporate Affairs (MCA), which is investigating Zee Entertainment Enterprises Ltd (ZEEL) over alleged corporate governance violations, has written to the Securities and Exchange Board of India (Sebi) seeking details on its latest findings on fund diversion that have been cited in media reports, said people aware of the matter. The ministry’s …
Mumbai: No twist is too dramatic for serialised shows that are staple of nighttime television in India’s vast market for general entertainment. It’s no different, it appears, in the two-year-long saga that has sought to create the country’s largest entertainment company by a merger. Zee Entertainment Enterprises (ZEEL) has re-engaged with Sony Group Corp in …
The National Company Law Appellate Tribunal, Thursday, noted that the order passed by the National Company Law Tribunal to initiate insolvency proceedings against the parent company of India’s largest sports fantasy platform Dream11 shall remain for now and the insolvency resolution professional may continue to keep the company as a going concern till then, but …
The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted Sporta Technologies, which owns India’s largest fantasy sports platform Dream11, under the corporate insolvency resolution process (CIRP) on an application filed by the resolution professional of Reward Solutions. The tribunal appointed Madan Bajrang Lal Vaishnawa as the interim resolution professional to conduct the …
MUMBAI: The resolution professional (RP) for Sachin Tendulkar-backed sports entertainment company Smaaash Entertainment (SEPL) has called for expressions of interest for the third time just days after the Mumbai bench of the NCLT annulled the change of ownership of the “SMAAASH” brand, calling it a “fraudulent” transaction by promoter Shripal Morakhia. Prospective bidders have been …