INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Lenders have invoked pledged share of several Subhash Chandra-led Essel group entities, including Zee Media Corporation, Dish TV,
Siti cable and Zee Learn.
IDBI Trusteeship Services Limited (ITSL) and Vistra ITCL, who were acting on behalf of lenders, have invoked
pledged shares.
According to regulatory filings, ITSL has invoked 5.26 per cent share of Zee Media Corporation Ltd (ZMCL) held by two
promoter entities-- ARM Infra - Utilities and 25 FPS Media.
"1.04 crore shares are sold by the lenders to whom shares of ZMCL had been
pledged," said a regulatory intimation by ARM Infra - Utilities.
While 25 FPS Media said: "1.91 crore shares sold by the lenders to whom
shares of ZMCL had been pledged."
Zee Media Corporation (formerly Zee News Ltd) is a news network with 10 news channels in six different
languages.
While, in its DTH arm Dish TV, nearly 5.12 per cent share owned by two promoter group firm Direct Media Distribution and World
Crest Advisors LLP has also been invoked by ITSL and Vistra ITCL.
The invocation was done by ITSL acting in its capacity as share pledge
Digital Satellite Holdings would have 8.55 per cent share of Siti Networks, down from 13.88 per cent.
Around 2.60 crore shares were sold in
the market on April 3, 2020, and 2.04 crore shares on April 7, 2020, Digital Satellite Holdings said in a regulatory filing.
"4.64 crore
shares have been sold by the lenders to whom shares of Siti have been pledged," it said.
