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Published: May 15, 2023
Updated: May 15, 2023
The Zee-Sony merger to create a $10 bn entertainment giant in India is in deep trouble with JC Flowers moving the NCLT to seek its dues. Yes Bank had sold its bad loans book to JC Flowers. The transaction is already delayed by over 18 months after it was first announced in September 2021.
Essel group promoter Subhash Chandra has lost control over the company after the promoter entities defaulted to several government-owned banks. JC Flowers has said Subhash Chandra must bring the proceeds of the no- compete agreement signed in Mauritius to India so that bank loans can be repaid. But Chandra wants to use the proceeds to increase his stake from 2 per cent to 4 per cent in the merged entity. All eyes are now on the court which will hear the case in June.
February 15, 2025 - First Issue
Industry Review
VOL XVI - 10
February 01-15, 2025
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