ZEE in one-time settlement pact with Standard Chartered Bank for repaying Siti’s loans

Zee Entertainment Enterprises Ltd (ZEEL) has entered into a one-time settlement agreement with Standard Chartered Bank for repaying the loan taken by Essel Group-owned Siti Networks.

ZEEL informed the bourses on March 30, 2023, that Standard Chartered Bank had sanctioned certain credit facilities to Siti Networks, which was inter-alia secured by DSRA support and undertaking of ZEEL.

In its filing, ZEEL further stated, “Since, the borrower (Siti Networks) has defaulted in its debt repayment obligations to the Bank, the Company has entered into one-time settlement agreement with the Bank in respect of DSRA Claims/ Undertaking in the interest of amicably resolving the issues between the parties.”

ZEEL maintained that there is no impact on its financial position with this loan repayment.