NSE Excludes Zee Entertainment from Equity Derivatives on Insolvency Proceeds

  • Investing.com
  • Stock Market News
NSE Excludes Zee Entertainment from Equity Derivatives on Insolvency Proceeds
Credit: © Reuters.

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

Add Chart to Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100
Please try another search

Related Articles