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Promoters to repay Rs 90 crores to Zee soon

02-October-2001
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Promoters to repay Rs 90 crores to Zee soon

Essel group chairman Subhash Chandra has promised shareholders of Zee Telefilms that the promoter group will return the balance Rs 90 crores out of Rs 220 crores borrowed earlier from the media company within next 30 days. The promoter group, which had borrowed the amount to fund stake acquisitions in B4U and AB Corp, had earlier promised to pay up the amount by June 30 but had missed the deadline.

In the last two months, the promoters have sold about 1.5 per cent stake in Zee Telefilms twice to raise around Rs 70 crores which was in turn paid back to the media company.

The Essel group using the borrowed funds, were planning to pick up around 28.5 per cent in AB Corp and another 15 per cent in B4U from stock broker Ketan Parekh. However, the deal did not materialise and now the Essel group promoters have dragged Parekh to court for recovering amount lent to him.

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