NSE Excludes Zee Entertainment from Equity Derivatives on Insolvency Proceeds
By Malvika Gurung
Investing.com -- The National Stock Exchange has excluded the media company Zee Entertainment (NS: ZEE ) from the Equity Derivatives segment, adding that the contracts for new expiry months in Zee’s security will not be issued on the expiry of existing contract months.
The leading domestic bourse’s decision came after the bankruptcy court National Company Law Tribunal (NCLT) admitted the media company under an insolvency plea filed by the private sector lender IndusInd Bank (NS: INBK ).
According to the leading stock exchange, the existing unexpired contracts of expiry months of March 2023 and April 2023 would continue to be available for trading till their respective expiry and new strikes would also be introduced in the existing contract months.
As a result, no contracts shall be available for trading in Zee Entertainment with effect from April 28, 2023, said NSE in a circular.
IndusInd Bank has filed a petition against Zee on grounds of a default amount of Rs 83.08 crore or $10.04 million, following which NCLT’s Mumbai Bench has admitted the company on account of the corporate insolvency resolution process.
Read Also: Zee Entertainment Plummets 14.4%, Hits 52-Week Low on Insolvency Proceeds
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