NSE said on Monday circular dated February 23 regarding the exclusion of F&O contracts on Zee stands withdrawn. “In addition to 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,” it added.
The move comes after the National Company Law Appellate Tribunal (NCLAT) on Friday granted interim relief to the media firm by staying the bankruptcy proceedings against it.
Last week, the exchange issued a circular stating the decision to exclude the stock from the derivatives segment following the bankruptcy board’s move to admit the media company for insolvency proceedings.
The National Company Law Tribunal (NCLT) on Wednesday admitted an insolvency petition filed by IndusInd Bank against Essel Group’s listed companies, Zee Entertainment, and Siti Network.
IndusInd Bank, in its plea, claimed a default of Rs 83.08 crore against the media and entertainment firm promoted by Subhash Chandra.
The NCLAT has issued notices to the private sector lender and the interim resolution professional directing them to file a reply in two weeks.The NCLT’s move last week had raised uncertainties over the merger of the media company with Sony Pictures India, which already got delayed by 2 years.
In December 2021, Sony and Zee had signed a merger deal to combine their linear networks, digital assets, production operations, and program libraries.
In December last year, IDBI Bank too, had filed an insolvency plea against Siti Networks.
At 10.05 am, the stock was trading 6% higher at Rs 194 over its previous high of Rs 183 apiece. On a year-to-date basis, the stock declined by over 19%, while it has fallen over 14% in the last one month.
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