The Delhi High Court on Wednesday allowed IDBI Trusteeship to sell Zee Entertainment and Dish TV’s shares that have pledged with it, Bloomberg Quint reported.
According to the report, Essel Group, the parent company of both Zee Entertainment and Dish TV argued that the order failed to account for the situation caused by the coronavirus pandemic.
However, the division bench of the Delhi High Court said that the order appeared did not in any way appear to be against the law.
Earllier, the high court had dismissed a petition filed by Essel Group seeking to restrain IDBI Trusteeship from selling its shares worth Rs 425 crore.
Franklin Templeton Mutual Fund (MF) has been given the green signal to sell the shares to recover Rs 616 crore worth of dues from the Essel Group.The shares were pledged with Franklin Templeton as a security cover for debentures of Essel Infraprojects worth Rs 425 crore, which the fund house had subscribed to, Economic Times reported.
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