Top Story

e4m_logo.png

Home >> International >> Article

Promoters to repay Rs 90 crores to Zee soon

02-October-2001
Font Size   16
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.

Tags

Vijay Mansukhani, speaks to exchange4media about the resurgence of Onida, the scope of growth of consumer electronics market in India and the reasons why Indian consumer electronics brands don’t compete on a global scale

Projjol Banerjea opens up about hiring Anne Macdonald and GroupM's Rob Norman, and the brand's new identity

Meera Iyer tells exchange4media that in FY 2016/17, bigbasket clocked a revenue of Rs 1,400 crore. The online supermarket currently stands at 70,000 orders a day, with operations in 25 cities.

CMO, Kashyap Vadapalli on the start-up’s marketing play, why it has decided to stay away from IPL and response to its furniture rental apps

Mumbai was chosen in keeping with the company's focus on featuring their proprietary technologies over undiscovered markets like South Asia

The campaign, featuring brand ambassador Farhan Akhtar, exhorts consumers to showcase their achievements through the walls of their homes.

We list a few important stories that you may have missed in the week gone by