Have reached agreement with lenders: Essel

The promoters of the Essel Group had a detailed meeting with the lending entities comprising mutual funds, non banking financial companies and banks, in which it was decided that there would not be any event of “default declared due to the steep fall in price”, the Essel Group said in a statement. This development comes two days after shares of ZEE Group firms had come under massive selling pressure, plummeting up to 33 pc, and suffered a combined erosion of Rs 13,352 cr in market valuation on Jan 25.

According to the Essel Group, its lenders have “showcased their belief” in the group firms ZEE Entertainment Enterprises Ltd. and Dish TV. “As a result of the above, there will be synergy and co-operation, amongst lenders leading to a unified approach. Lenders drew comfort from reiteration by the promoters for a speedy resolution through a strategic sale in a time bound manner,” thestatement said.