The NCLAT stay on insolvency comes as a major relief to the company as Zee Entertainment is on the verge of completing its merger with Culver Max Entertainment
Just a few days after the National Company Law Appellate Tribunal (NCLAT) stayed Zee Entertainment Enterprises’ (ZEEL) insolvency proceedings, the National Stock Exchange (NSE) too, has resorted to action. As per updates, the NSE has brought back Zee Entertainment into its futures and options (F&O) segment.
According to the information available in public domain, the NSE has withdrawn its circular excluding Zee Entertainment from F&O segment. It reads, “In addition to the existing contracts with expiry months of March 2023 and April 2023, the futures and options contracts with May 2023 expiry shall also be made available for trading from February 28, 2023.”
Before this when IndusInd Bank filed a plea in favour of Zee Entertainment’s insolvency at National Company Law Tribunal (NCLT), the NSE had removed the company from the F&O segment after the expiry of all existing contracts.
However, no sooner did the case catch fire than Punit Goenka, the MD and CEO of ZEEL filed a plea in NCLAT against the insolvency proceedings.
As per media reports, since NSE brought back ZEEL in its F&O segment, its shares also rallied by around 8 per cent in morning trade on Tuesday. The NCLAT stay on insolvency comes as a major relief to the company as Zee Entertainment is on the verge of completing its merger with Culver Max Entertainment, formerly known as Sony Pictures Networks India.