Zee Entertainment Enterprises Ltd. and the Indian Performing Right Society (IPRS) have settled their disputes, with the music artistes’ body agreeing to withdraw its insolvency petition against the media major. In a regulatory filing, Zee clarified that there was no penalty paid to the IPRS. The terms of settlement were not disclosed.
In January this year, the IPRS had filed an insolvency petition against Zee, with the National Company Law Tribunal (NCLT), Bombay. It took the extreme step after Zee defaulted on a royalty payment of Rs. 211 crore. At that time, Zee had rejected the IPRS claim, saying that there was an existing dispute between them on the claimed amount.