ZEE WEIGHS LEGAL OPTION AGAINST BANK FOR FD ADJUSTMENT | 18 October, 2019

Media mogul Subhash Chandra is considering legal options against a bank which adjusted flagship Zee’s Rs. 200-crore fixed deposit against dues of related parties of his Essel Group. According to Zee, a bank “prematurely, unilaterally adjusted the Rs. 200-crore FD, which was to mature on September 10, 2019, against dues of certain related parties”. There was no financial loss to Zee as the related parties had reimbursed the same amount in two stages to the company. But the broadcaster is seeking legal advice on the appropriate action it can take in the matter.