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<ul><li>Gearing up for the festive season, <keyword id="353090" type="General" weightage="100" keywordseo="zeel" source="Orion">ZEEL</keyword> has lined up to launch 40 fiction, 20 non-fiction new shows across multiple languages</li><li>It has also announced its new bouquet pricing in compliance with NTO 2.0</li></ul><keyword id="381258" type="General" weightage="20" keywordseo="zee-entertainment-enterprises-ltd-" source="Orion">Zee Entertainment Enterprises Ltd.</keyword> (ZEEL) has released its <keyword id="12335972" type="General" weightage="20" keywordseo="new-a-la-carte-channel" source="Orion">new a-la-carte channel</keyword> and bouquet pricing in line with the Bombay High Court order dated 30.06.2021 with regard to <keyword id="7275030" type="General" weightage="20" keywordseo="new-tariff-order" source="Orion">New Tariff Order</keyword> (NTO) 2.0. The said pricing is being released without prejudice to ZEEL’s rights and contentions under all petitions pending adjudication before Supreme Court w.r.t. New Tariff Order (NTO) 2.0. ZEEL currently has 67 channels that come in 11 languages. With a pan India network encompassing a weekly reach of 606 million viewers and weekly consumption of 163 billion+ minutes*; it has one of the highest viewership bases across Hindi and regional language markets, including Marathi, Bangla, Kannada, Telugu, Tamil, Malayalam, Bhojpuri, Odia, Punjabi and English in the GEC, movies, news, music, lifestyle and HD genres. Speaking about the new channel pricing, <keyword id="281749" type="General" weightage="20" keywordseo="rahul-johri" source="Orion">Rahul Johri</keyword>, President – Business, South Asia, Zee Entertainment Enterprises Ltd. said, “ZEEL’s unparalleled success is an outcome of its strong bond with viewers spread across India and the deep relationship it has built with the entire stakeholder community. These extraordinary partnerships have led to our leadership across multiple markets for nearly three decades. We will continue to create value for the entire ecosystem by presenting the most entertaining and highest quality content, enriching national and regional channels and through innovative solutions for revenue monetization. We are confident that post implementation of NTO 2.0, ZEE channels will continue their growth momentum across markets and create higher value for the company.” Commenting on the announcement, Atul Das, Chief Revenue Officer – Affiliate Sales, said “At ZEEL, we are committed to providing the best entertainment to our consumers. The new pricing regime in 2019 brought in a major shift in the way television was consumed in India. On one hand, it brought in transparency about MRP of channels, while on the other hand it offered freedom to consumers to select channels they wish to watch. With NTO 2.0, consumers will get even more flexibility in selection of channels. We will continue to provide multiple bouquets to consumers across the country at different price points. Premium English channels like Zee Café and &amp;flix will continue to be available in a separate bouquet. Each bouquet constitutes a mix of channels, including GEC, movies, news, music and lifestyle genres. We look forward to working with our Distribution Platform Operators (DPO) partners for a smooth transition.” Currenlty, ZEEL produces 419 hours of new content every week on an average. Gearing up for the festive season, it has lined up to launch 40 fiction, 20 non-fiction new shows across multiple languages. It will also present 40 World Television Premieres across its channels over the next few months.

ZEEL announces new a-la-carte channel and bouquet pricing in compliance with New Tariff Order

<ul><li><keyword id="2826400" type="COMPANY" weightage="20" keywordseo="The-Essel-Group">The Essel Group</keyword> is planning to sell 16.5% stake in ZEEL.</li><li>The Group seeks to sell up to 16.5% stake in ZEEL to financial investors, in order to repay loan obligations to certain lenders of the Group for whose benefit such shares are currently encumbered .</li><li>The Group seeks to sell 2.3% stake in ZEEL to <keyword id="8354451" type="UNKNOWN" weightage="20" keywordseo="OFI-Global-China-Fund">OFI Global China Fund</keyword>, LLC and/or its affiliates.</li><li>The Group has taken this step to generate adequate liquidity for the repayment process. </li></ul> The Essel Group is planning to sell 16.5% stake in <keyword id="1417408" type="COMPANY" weightage="20" keywordseo="Zee-Entertainment-Enterprises-Limited">ZEE Entertainment Enterprises Limited</keyword> (ZEEL) to financial investors. The Group seeks to sell up to 16.5% stake in ZEEL to financial investors, in order to repay loan obligations to certain lenders of the Group for whose benefit such shares are currently encumbered (and who have consented to such share sale by the Group). Out of the aforesaid, the Group seeks to sell 2.3% stake in ZEEL to OFI Global China Fund, LLC and/or its affiliates. Pursuant to the aforementioned transactions, the post-transaction overall holdings of the Group in ZEEL will be 5%, out of which encumbered holdings of the Group will reduce to 1.1% of ZEEL. This development reaffirms the Group's positive progress on its overall asset divestment approach, undertaken to generate adequate liquidity for the repayment process. The Group is also working actively on further divestments including its media/ non-media assets and remains confident to complete the same.

The Essel Group to sell 16.5% stake in ZEE Entertainment Enterprises Limited

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Patrick McMullan for Getty ImagesZeel cofounder and CEO Samer Hamadeh</div></div></div><ul class="summary-list"><li style="font-weight: 400;">A new <a href="https://gizmodo.com/theyre-putting-people-at-risk-sexual-misconduct-har-1837439618">report from Gizmodo</a> on Wednesday found Zeel, <a href="https://www.businessinsider.com/zeel-massage-review">an on-demand massage startup</a>, repeatedly ignored therapists' complaints about sexual harassment and misconduct from its customers.</li><li>Zeel, like Uber and Lyft, relies on a workforce largely comprised of contractors, who aren't afforded all the benefits of full-time employment. </li><li style="font-weight: 400;">One Zeel therapist told Gizmodo that a client had offered her a $100 tip after requesting an abdomen and upper thigh massage. Another claimed that a client had offered her a drink and asked for a groin massage. Yet another said that she was sent to the hotel room of a male client on parole for sexual assault.</li><li style="font-weight: 400;">One Zeel massage therapist told Gizmodo that one customer made inappropriate comments about her appearance, and even masturbated in front of her during a session. She says that after she reported the issue, she got fewer customers from the app - and that the client got a warning, but remained on Zeel. </li><li style="font-weight: 400;">Zeel cofounder and CEO Samer Hamadeh said the Gizmodo article contained "numerous inaccuracies and distortions" in an emailed statement to Business Insider, but did not give specific examples. Hamadeh also said that the incidents in the Gizmodo report were before it had hired its trust and safety team.</li><li style="font-weight: 400;"><a href="https://www.businessinsider.com/">Visit Business Insider's homepage for more stories.</a></li></ul>Zeel, an on-demand massage startup, is facing allegations of failing to protect its contractor workforce from abusive customers, <a href="https://gizmodo.com/theyre-putting-people-at-risk-sexual-misconduct-har-1837439618">Gizmodo reported on</a> Wednesday. The report suggests that Zeel repeatedly ignored its massage therapists' complaints about sexual harassment and misconduct from customers, with one such worker claiming that she was retaliated against after reporting inappropriate behavior from a client. One Zeel therapist told Gizmodo that a client had offered her a $100 tip after requesting an abdomen and upper thigh massage. Another claimed that a client had offered her a drink and asked for a groin massage. Zeel cofounder and CEO Samer Hamadeh said the Gizmodo article contained "numerous inaccuracies and distortions" in an emailed statement to Business Insider, but did not give specific examples. You can read Hamadeh's full statement at the bottom of this story. This makes it the <a href="https://www.businessinsider.com/female-uber-lyft-drivers-say-sexual-harassment-is-rampant-2019-6">latest on-demand app</a> to come under scrutiny for the treatment of its contractors -like Uber or Lyft, Zeel's base of massage therapists are independent contractors, not full-time employees.Read More: <a href="https://www.businessinsider.com/food-delivery-app-postmates-ipo-s1-filing-september-2019-8">On-demand food delivery app Postmates is set to unveil its IPO filing in September</a>Zeel was founded by a husband-and-wife team in 2010 and was most recently valued at over $76 million in January 2018, <a href="https://my.pitchbook.com/profile/53595-73/company/profile#deal-history/100717-57T">according to Pitchbook data</a>. The New York-based startup is backed by Slow Ventures, Emil Capital Partners, and Hemisphere Ventures, among others. Hamadeh is currently an <a href="https://my.pitchbook.com/profile/53595-73/company/profile#deal-history/100717-57T">entrepreneur in residence at Lightspeed Venture Partners.</a><h2>Power dynamics</h2>Gizmodo spoke with Ilene Antelman, a Zeel massage therapist based in Manhattan, who said that one client would routinely comment on her appearance, and on one occasion, masturbated in front of her. Antelman says that after she reported the customer, she was given fewer customers on the app, which accounted for roughly half her weekly income. She said that Zeel told her that the client had received a warning, but wasn't removed from the app. The app's terms of service bar customers from making sexual or inappropriate requests, according to Gizmodo, and encourages therapists to leave any sessions that make them feel uncomfortable. However, the therapists that spoke with Gizmodo said the power dynamic between themselves and their clients prohibited them from outright leaving any sessions that took an inappropriate turn.One of those therapists was reportedly sent to a hotel room of a male client that was out on parole for sexual assault. In his statement, Hamadeh says that "with respect to the allegation that we knowingly sent a therapist to a registered sex offender, nothing could be further from the truth," and that while Zeel asks customers to verify their identity with a photo of a driver's license, it doesn't conduct background checks or other queries into their history. Hamadeh said that Zeel had recently hired a director of trust and safety, but that the incidents referred to in the Gizmodo report occurred before that team existed. That team now includes 10 employees and contractors, he said."Together, they are focused on ensuring we have best-in-class security practices and software tools to address safety matters," Hamadeh said of the trust and safety team, which he said includes former law enforcement officials. <h2>Read Hamadeh's full statement:</h2> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/better-way-recycling-plastic-environment-reuse-sustainable-upcycling-2019-8">This company turns shredded plastic and clothing into new bottles for Pepsi, Evian, and Coca-Cola</a></h3> <div> </div> </div>

On-demand massage app Zeel reportedly failed to protect its contract workforce of massage therapists from its customers' creepy and inappropriate behavior

<ul><li>With lockdowns in most states, ZEE's TV viewership jumped again during the quarter, though lower than Q1 of last year.</li><li><keyword id="353090" type="PERSON" weightage="20" keywordseo="Zeel">ZEEL</keyword>'s OTT platform ZEE5 closes the quarter with an average watch time of 109 minutes per viewer per month.</li></ul>ZEEL has released its quarterly earnings report. As per the report, second COVID wave reversed the strong recovery the group witnessed in H2FY21. Domestic ad revenues for both Q1FY22 and Q1FY21 were impacted by lockdowns. However, the impact this year was much lower, reflected in 127.9% YoY growth. Compared to Q1FY20, domestic ad revenues were lower by 22.7%. <div type="image" title="zeel revenue" msid="85101065" hostid="261"></div> This increase in marketing cost on a YoY basis is on account of the release of Radhe and continued investments in ZEE5. Marketing costs in Q1FY21 was lower on account of much lower original content production. ZEEL’s broadcast business network share dropped due to lockdown disruption and soft performance in some markets. On the other hand, its TV viewership again jumped during the quarter, though lower than Q1 of last year. ZEEL’s OTT platform, ZEE5 gains its momentum again on the back of an expansive content catalogue. It closed June with 80.2mn global MAUs, 7.1mn global DAUs and 190 minutes average watch time per viewer per month. ZEE5’s Q1 Revenue and EBITDA (loss excludes costs incurred by the business on ZEEL network) stood at Rs.1,117mn and Rs. (2,033mn). The platform released 11 original shows and movies released during the quarter. <keyword id="3186290" type="PERSON" weightage="20" keywordseo="Zee-Music-Company">ZEE Music Company</keyword> added ~3mn subscribers on YouTube. With 75mn+ subscribers, it is the second most subscribed Indian music channel on YouTube. To keep the ball rolling, ZMC is ramping up its content library by adding movies across Hindi, Tamil, Telugu, Marathi and Punjabi languages starting H2FY22.

COVID-19’s second wave impacts ZEEL’s margins for Q1’FY22; domestic ad growth stands at -22.7% than 2020

<ul><li><keyword id="3441386" type="General" weightage="20" keywordseo="sony-pictures-networks-india-private-limited" source="Orion">Sony Pictures Networks India Private Limited</keyword> (SPNI) and Zee Entertainment Enterprises Ltd have entered a definitive agreement to merge ZEEL with and into SPNI and combine their linear networks, digital assets, production operations and program libraries.</li><li><keyword id="599253" type="General" weightage="20" keywordseo="punit-goenka" source="Orion">Punit Goenka</keyword> will lead the combined company as its Managing Director &amp; CEO. </li><li>The majority of the board of directors of the combined company will be nominated by the Sony Group and will include the current SPNI Managing Director and CEO, NP Singh.</li></ul>Sony Pictures Networks India Private Limited (SPNI) and <keyword id="381258" type="General" weightage="20" keywordseo="zee-entertainment-enterprises-ltd-" source="Orion">Zee Entertainment Enterprises Ltd.</keyword> (ZEEL) today announced that they have signed definitive agreements to merge ZEEL with and into SPNI and combine their linear networks, digital assets, production operations and program libraries. The agreements follow the conclusion of an exclusive negotiation period during which ZEEL and SPNI conducted mutual due diligence. After closing, the new combined company will be publicly listed in India. The closing of the transaction is subject to certain customary closing conditions, including regulatory, shareholder, and third-party approvals. Under the terms of the definitive agreements, SPNI will have cash balance of USD $1.5 Bn (assuming an INR:USD exchange rate of 75:1) at closing, including through infusion by the current shareholders of SPNI and the promoters (founders) of ZEEL, to enable the combined company to drive sharper content creation across platforms, strengthen its footprint in the rapidly evolving digital ecosystem, bid for media rights in the fast-growing sports landscape and pursue other growth opportunities. SPNI is an indirect subsidiary of Sony Pictures Entertainment Inc. (SPE). Under the transactions contemplated by a non-compete agreement, SPE, through a subsidiary, will pay a non-compete fee to certain promoters (founders) of ZEEL, which will be used by such promoters (founders) to infuse primary equity capital into SPNI, entitling the promoters (founders) of ZEEL to acquire shares of SPNI, which would eventually equal approximately 2.11% of the shares of the combined company on a post-closing basis. After the closing, SPE will indirectly hold a majority 50.86% of the combined company, the promoters (founders) of ZEEL will hold 3.99%, and the other ZEEL shareholders will hold a 45.15% stake. Punit Goenka will lead the combined company as its Managing Director &amp; CEO. The majority of the board of directors of the combined company will be nominated by the Sony Group and will include the current SPNI Managing Director and CEO, NP Singh. On closing, Singh will assume a broader executive position at SPE as Chairman, <keyword id="833633" type="General" weightage="20" keywordseo="sony-pictures-india" source="Orion">Sony Pictures India</keyword> (a division of SPE) reporting to Mr. <keyword id="212528" type="General" weightage="20" keywordseo="ravi-ahuja" source="Orion">Ravi Ahuja</keyword>, SPE’s Chairman of Global Television Studios and SPE Corporate Development. The combination of ZEEL and SPNI is expected to achieve business synergies and given their relative strengths in scripted, factual and sports programming, respective distribution footprints across India and iconic entertainment brands, the combined company should be well-positioned to meet the growing consumer demand for premium content across entertainment touchpoints and platforms. The seamless blend of rich expertise in content creation, deep consumer insights and success across entertainment genres is expected to drive the combined company’s ability to accrue higher shareholder value. Under the stewardship of the Sony Group, a global leader in consumer technologies, gaming and entertainment, the combined company is expected to be able to better compete with the world’s largest streaming players. As part of the definitive agreements, the promoters (founders) of ZEEL have agreed to limit the equity that they may own in the combined company to 20% of its outstanding shares. This construct does not provide the promoters (founders) of ZEEL any pre-emptive or other rights to acquire equity of the combined company from the Sony Group, the combined company or any other party. Any shares purchased by the promoters (founders) of ZEEL, must be in compliance with all applicable laws including any pricing guidelines. Commenting on this development, Punit Goenka, MD &amp; CEO, ZEE Entertainment Enterprises Ltd. said, “It is a significant milestone for all of us, as two leading media &amp; entertainment companies join hands to drive the next era of entertainment filled with immense opportunities. The combined company will create a comprehensive entertainment business, enabling us to serve our consumers with wider content choices across platforms. I am immensely grateful to the teams at ZEEL, SPE and SPNI for their efforts, that swiftly led us to this point within the stipulated timelines. This <keyword id="42411" type="General" weightage="20" keywordseo="merger" source="Orion">merger</keyword> presents a significant opportunity to jointly take the businesses to the next level and drive substantial growth in the global arena. I look forward to working with the guidance of the esteemed members of the combined company’s board to unlock the potential of this merger, and I wish <keyword id="1436102" type="General" weightage="20" keywordseo="n-p-singh" source="Orion">N.P. Singh</keyword> all the best in his new role at SPE. His contribution to the Indian media &amp; entertainment industry has been invaluable. I am most certain that our collective wisdom, rich experience and expertise will lead to a more value accretive and exciting company for our shareholders and employees, and a more engaging one for our customers and partners.” “Today marks an important step in our efforts to bring together some of the strongest leadership teams, content creators, and film libraries in the media business to create extraordinary entertainment and value for Indian consumers,” said Ravi Ahuja, SPE’s Chairman of Global Television Studios and SPE Corporate Development. “I want to thank Punit and his team at ZEEL and the small army of people at SPE and SPNI who have worked so hard to get us to this point. I especially want to thank NP Singh, who presented us with the idea to explore this merger well over a year ago. N.P. has done extraordinary work building SPNI to what it is today, and we look forward to continuing our work with him in his new role after closing.” MD &amp; CEO, SPNI, N.P. Singh, added, “This merger will create a company that’s best in class and will redefine the contours of the media and entertainment industry. As a representative of SPE on the Board of the new merged company, it will be my endeavour to provide strategic guidance and support to the company’s operating team in achieving our vision. I am also excited at the opportunity of being appointed, Chairman, Sony Pictures India, to oversee SPE’s investments and craft a wider footprint for Sony in India.” SPE was advised on this transaction by Morgan Stanley, KPMG Corporate Finance, and Shardul Amarchand Mangaldas &amp; Co. ZEEL was advised by KPMG, JP Morgan, Trilegal and Boston Consulting Group.

Sony and Zee Entertainment sign definitive agreements to merge, Punit Goenka to lead combined company as MD & CEO

New Delhi, Nov 27 () Two former directors of Zee Entertainment - Subodh Kumar and Neharika Vohra - who resigned from its board, had raised concerns over several issues, including Rs 2,200 crore film advance given in 2018-19, according to a regulatory filing by the firm.
They also had flagged issue of no action on large outstanding from group firms Dish TV and Siticable for content.
The company, however, said its Board of Directors have noted that all of the issues raised by the resigning directors have been duly discussed, deliberated and acted upon from time to time in the previous committee/ board meetings in which the said directors were also present.
On Monday Zee Entertainment Entrprises Ltd (ZEEL) had announced that Independent Directors Neharika Vora and Sunil Sharma along with Non-Independent Director Subodh Kumar have resigned.
ZEEL said Sharma had informed that his resignation followed the sale of shares by the promoter group and reconstitution of the board.
On the other hand, Vohra and Kumar raised many issues and cited them as reasons for their resignation from the board.
According to a BSE filing by ZEEL, the two directors flagged the issue of "film advances given in 2018-19 to the tune of Rs 2,200 crore", to which the company responded by saying the information has already been disclosed in its annual report and clarified in various investor interactions.
Kumar and Vohra also raised the matter of "a scheduled bank" appropriating "Rs 200 crore of the company's fixed deposits towards promoter loans and the management did not take legal action".
ZEEL, however, said issues pertaining to the wrongful revocation of the bank guarantee stand resolved with the company having being secured by the promoter companies and appropriate legal notices were sent to the bank at the relevant time.
The two directors also stated that no action was taken on large outstanding from Dish TV and Siticable for the content supplied by ZEEL.
The company, however, said, "the same have been secured by definitive plan and situation is being strictly monitored as instructed by the Board and also discussed in various analyst calls".
They also raised the issue of non-implementation of certain decision of the board meeting held on October 17, 2019 relating to treasury operations, to which ZEEL said it is "exploring options to withdraw these deposits in a phased manner without effecting the long term relationship with these banks".
Vohra and Kumar also alleged "laxity in spending of CSR amounts given to a related party foundation/trust" but the company said CSR funds have been allocated in compliance with law and necessary certification was obtained.
The two directors also brought up the matter of a bank writing to all directors in October 2019, that a subsidiary of the company had guaranteed the repayment of certain loan given by the bank to a related party.
ZEEL said it has a "legal opinion to state that the Company is not liable and in any event there has been no enforcement of the 'guarantee' by the bank, other than to write letters, including to all the directors".
In their reasons for resignation, Vohra and Kumar also highlighted a matter relating to a "letter received from a PMS (Portfolio Management Services) entity holding preference shares of the company raising questions regarding build up of related party balances and advances for content acquisition".
To this, ZEEL said, "Audit of the issues pertaining to related party transactions and advances is underway by auditors".
In the regulatory filing, ZEEL said the company, "while accepting the resignations and intimating the exchanges about the same, has discussed the same in detail in the board meeting held on November 25, 2019".
The issues raised by the resigning directors have been duly discussed, deliberated and acted upon from time to time and disclosed in the public domain in financial statements and investor calls which are available on the company website, ZEEL said. RKL BAL

2 former directors of ZEEL flagged issues; co says matter discussed, acted upon

<ul><li><keyword id="20068359" type="General" weightage="20" keywordseo="zee-entertainment" source="keywords">Zee Entertainment</keyword> has backed out from a $ 1.4 billion licensing agreement with <keyword id="19976118" type="General" weightage="20" keywordseo="disney-star" source="keywords">Disney Star</keyword> for the TV broadcast right for cricket matches.</li><li>This is reportedly a fallout of collapse of its merger deal with <keyword id="19914172" type="General" weightage="20" keywordseo="sony" source="keywords">Sony</keyword>.</li><li>Sony Corporation had on Monday announced the termination of the $ 10 billion merger.</li></ul> Zee Entertainment has backed out from a $ 1.4 billion licensing agreement with Disney Star for the TV broadcast right for cricket matches as a fallout of collapse of its merger deal with Sony, according to industry sources. Zee Entertainment Enterprises Ltd (<keyword id="20115912" type="General" weightage="20" keywordseo="zeel" source="keywords">ZEEL</keyword>), which has already missed the first instalment of around $ 200 million, will not move ahead, industry sources told PTI. The instalment to be paid to Disney Star was part of the $ 1.5 billion investment committed by Sony Group after its merger with ZEEL, said another industry source while confirming the development. Sony Corporation had on Monday announced the termination of the $ 10 billion merger agreement with ZEEL, while seeking $ 90 million for breach of conditions besides initiating arbitration. As per the merger agreement between ZEEL and Sony, the Japanese entity was supposed to invest $ 1.575 billion in the merged entity and have a majority stake. There were no immediate comments from ZEEL over the development. Three days after Sony called off the deal, ZEEL MD &amp; CEO <keyword id="20130441" type="General" weightage="20" keywordseo="punit-goenka" source="keywords">Punit Goenka</keyword> addressed a townhall meeting of around 3,000 employees across the globe, in which he asked them to move forward and chase new opportunities. "Our industry is witnessing rapid changes, and these winds of change are giving us a new shape. We have to mould ourselves to be well-positioned in order to capitalise on the opportunities coming our way. We have been leaders over the last 3 decades and have delivered value to our stakeholders, year on year," he said. On August 30, 2022, ZEEL had announced entering into a strategic licensing agreement with Disney Star for television broadcasting rights of the ICC Men's and Under-19 global events for a period of four years. Disney Star will continue to exclusively stream all ICC tournaments through its digital platform Disney+ Hotstar, a joint statement had said. This was done with the in-principle approval from the International Cricket Council (ICC). Disney Star bagged the broadcast rights of all ICC events for four years from 2024 to 2027 for the Indian market from the sport's global governing body. As per the agreement, ZEEL was supposed to have exclusive television rights for ICC men's events, including the ICC Men's T20 World Cup, which will be played in 2024 and 2026, ICC Men's Champions Trophy (2025), and the ICC Men's Cricket World Cup (2027), along with key ICC U-19 events, it said. ZEEL on Wednesday approached the National Company Law Tribunal (NCLT) to get Sony to honour a $ 10 billion merger deal. Sony had resisted the demand by Subhash Chandra's son Punit Goenka, who was investigated by Sebi over fraud allegations, to stay on after the merger. It has also initiated appropriate legal actions to contest the claims of $ 90 million (Rs 748.5 crore) filed by Sony Group before the Singapore International Arbitration Centre (SIAC). SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank">OnePlus 12 vs OnePlus 12R – What distinguishes the two new smartphones</a> <a href="https://www.businessinsider.in/business/auto/news/rolls-royce-spectre-rolls-out-as-indias-most-expensive-electric-car/articleshow/107051636.cms">Rolls Royce Spectre rolls out as India’s most expensive electric car</a> <a href="https://www.businessinsider.in/tech/news/global-pc-shipments-decline-for-the-eighth-straight-quarter-hopes-pinned-on-ai-to-drive-sales/articleshow/106981182.cms">Global PC shipments decline for the eighth straight quarter; hopes pinned on AI to drive sales</a>

Zee Entertainment backs out from $1.4 bn deal with Disney Star

New Delhi, Mar 18 () Electric equipment maker Aplab on Wednesday said it will reclassify debt-ridden Zee Entertainment Enterprises Ltd (ZEEL) from promoter category to public category. The company's board is scheduled to meet on March 26 to approve the reclassification process, Aplab said in a regulatory filing. For the quarter ended December 31, 2019, stake of ZEEL in Aplab had fallen to 9.50 per cent to 4.75 lakh shares. "We hereby inform you that a meeting of the Board of Directors of the Company will be held on Thursday, March 26, 2020 to approve the reclassification process of ZEEL from Promoter Category to Public Category and other matters," it said. Presently, 'Promoter &amp; Promoter Group' hold 58.97 per cent stake in Aplab. Earlier, ZEEL held 13.21 lakh shares, comprising 26.42 per cent of the paid up capital of Aplab. ZEEL had acquired these share in 2013. KRH KRH ANUANU

Aplab to remove Zee Entertainment from promoter list

New Delhi, Nov 25 () The Singapore government and Monetary Authority of Singapore have hiked their total holding in Zee Entertainment Enterprises Ltd (ZEEL) to 8.44 per cent by acquiring shares through secondary market placement, according to a regulatory filing by the company.
 GIC Pvt Ltd on account of Government of Singapore (GOS) and Monetary Authority of Singapore (MAS) acquired a total of 2.85 crore shares, amounting to 2.967 per cent stake in ZEEL on November 21.
 While GOS acquired 1,44,76,963 shares aggregating 1.507 per cent stake, MAS acquired 1,40,23,037 shares accounting for 1.46 per cent shareholding, the filing said.
 Based on the closing price of Rs 345.25 per share on BSE on the day of acquisition, the transaction is valued at over Rs 980 crore.
 Before the acquisition, GOS held 4.28 per cent stake, while MAS' stake stood at 1.193 per cent aggregating to a total of 5.473 per cent, ZEEL added.
 The Subhash Chandra-led cash-starved Essel Group on November 20 said it is planning to sell 16.5 per cent stake in its flagship ZEEL to financial creditors to meet its loan repayment obligations.
 In September, the group had sold 11 per cent stake in ZEEL to Invesco-Oppenheimer fund for over Rs 4,224 crore and then retired debt worth Rs 4,000 crore.
 Atlanta-based Invesco already held 7.74 per cent stake in ZEEL since 2002. RKL RVK

Singapore govt, monetary authority hike stake in Zee Entertainment

<ul><li><keyword id="599253" type="PERSON" weightage="20" keywordseo="Punit-Goenka">Punit Goenka</keyword> will be the MD &amp; CEO of ZEEL for the next five years.</li><li>He was appointed CEO in July 2008 and has been MD of the <keyword id="6354777" type="COMPANY" weightage="20" keywordseo="Media">media</keyword> firm since January 1, 2010.</li><li>The statement also said that approval on the <keyword id="388617" type="PERSON" weightage="20" keywordseo="reappointment">reappointment</keyword> will be sought from shareholders subsequently.</li></ul> In a statement to the <keyword id="43628" type="CITY" weightage="20" keywordseo="Bombay-stock-exchange">Bombay Stock Exchange</keyword>, the Board of Directors of <keyword id="174248" type="COMPANY" weightage="20" keywordseo="Zee-Entertainment-Enterprises-Ltd">Zee Entertainment Enterprises Ltd</keyword>. (ZEEL) has decided to reappoint Punit Goenka, in principle as the Managing Director &amp; CEO of the company, for a further period of 5 years upon conclusion of his current term on December 31,2019. The statement further said that shareholder approval would be sought subsequently. Goenka, the elder son of Essel group promoter and Zee chairman <keyword id="6442405" type="PERSON" weightage="20" keywordseo="subhash-chandra">Subhash Chandra</keyword> was appointed CEO in July 2008 and has been MD of the media firm since January 1, 2010.

Punit Goenka reappointed as MD and CEO for ZEEL

<ul><li><keyword id="3186877" type="General" weightage="20" keywordseo="sony-pictures-networks-india" source="Orion">Sony Pictures Networks India</keyword> (SPNI) and <keyword id="174248" type="General" weightage="20" keywordseo="zee-entertainment-enterprises-ltd" source="Orion">Zee Entertainment Enterprises Ltd</keyword>. (ZEEL) have entered into an exclusive, non-binding Term Sheet to combine both companies’ linear networks, digital assets, production operations and program libraries. </li><li>The combined company would be a publicly listed company in India and be better positioned to lead the consumer transition from traditional pay TV into the digital future.</li></ul>Sony Pictures Networks India (SPNI) and Zee Entertainment Enterprises Ltd. (ZEEL) have entered into an exclusive, non-binding Term Sheet to combine both companies’ linear networks, digital assets, production operations and program libraries. The non-binding Term Sheet provides an exclusive negotiation period of 90 days during which ZEEL and SPNI will conduct mutual diligence and negotiate definitive, binding agreements. The combined company would be a publicly listed company in India and be better positioned to lead the consumer transition from traditional pay TV into the digital future. The <keyword id="42411" type="General" weightage="20" keywordseo="merger" source="Orion">merger</keyword> of ZEEL and SPNI would bring together two leading Indian media network businesses, benefitting consumers throughout India across content genres, from film to sports. The combined company is expected to benefit all stakeholders given strong synergies between ZEEL and SPNI. Under the terms of the non-binding Term Sheet, Sony Pictures Entertainment, the parent company of SPNI, would invest growth capital so that SPNI has a cash balance of approximately USD $1.575 billion at closing for use to enhance the combined company’s digital platforms across technology and content, ability to bid for broadcasting rights in the fast-growing sports landscape and pursue other growth opportunities. Sony Pictures Entertainment would hold a majority stake in the combined company. Current ZEEL Managing Director &amp; CEO <keyword id="599253" type="General" weightage="20" keywordseo="punit-goenka" source="Orion">Punit Goenka</keyword> is to lead the combined company. The combined company’s board of directors would include directors nominated by <keyword id="1192557" type="General" weightage="20" keywordseo="sony-group" source="Orion">Sony Group</keyword> and result in Sony Group having the right to nominate the majority of the board members. It is anticipated that a final transaction would be subject to completion of customary due diligence, negotiation, and execution of definitive binding agreements, and required corporate, regulatory and third-party approvals, including ZEEL shareholder vote.

Sony Pictures Networks India and Zee Entertainment announce merger

<ul><li>According to <keyword id="353090" type="COMPANY" weightage="20" keywordseo="Zeel">ZEEL</keyword>'s statement to the BSE, <keyword id="6442405" type="PERSON" weightage="20" keywordseo="subhash-chandra">Subhash Chandra</keyword> has tendered his resignation, as the Non-Executive Director of the Company.</li><li>He has been appointed as <keyword id="193135" type="POSITION" weightage="20" keywordseo="chairman-emeritus">Chairman Emeritus</keyword> and 'will continue to guide the Board and Company's Senior Management'.</li><li><keyword id="123778" type="PERSON" weightage="20" keywordseo="R-Gopalan">R Gopalan</keyword> has been appointed as Chairman of the Board.</li></ul>Zee Entertainment Enterprises Limited (ZEEL) has announced the appointment of Subhash Chandra as Chairman Emeritus. It also announced that R Gopalan has been appointed as Chairman of the Board. In its statement to the Bombay Stock Exchange (BSE), ZEEL said, "Shri Subhash Chandra, vide his letter dated August 18, 2020 has tendered his resignation, as the Non-Executive Director of the Company, which was reluctantly accepted by the Board of Directors. In the mentioned letter of resignation, Shri. Chandra expressed a great sense of satisfaction, having witnessed a Company which he founded 27 years ago, emerge into a global media &amp; entertainment powerhouse. He also expressed his passion as an entrepreneur, to consistently work towards creating a better tomorrow and mentioned about his undivided attention needed for the same. " The statement further said that the Board had requested him to act as 'Chairman Emeritus' with effect from August 19, 2020 which was accepted by him. "In this advisory role, his rich experience and farsightedness will help the Company immensely and his services, guidance and mentorship will be availed from time to time. This position will not carry any remuneration. "As Chairman Emeritus, Shri. Chandra will continue to guide the Board and Company's Senior Management," read the statement. R. Gopalan was appointed as an Additional Director in the category of Independent Director on November 25, 2019. Gopalan, who has done Master of Public Administration &amp; Management from Harvard University, MA in Economics from Boston University and Bachelor's in Chemistry from Madras University, has a rich experience in economic and financial administration of the country with long stints in Ministry of Commerce and Finance Ministry, and in Manufacturing and Services Sectors. He has been appointed as the 'Chairman of the Board' with immediate effect, added the statement.

ZEEL appoints Subhash Chandra as Chairman Emeritus, R Gopalan as Chairman of the Board

New Delhi, Nov 25 () Media mogul Subhash Chandra has resigned as chairman of his flagship company Zee Entertainment Enterprises Ltd (ZEEL), with immediate effect.
 While accepting his resignation, the board said this is in line with the Sebi Listing Regulations that prohibit chairperson of the board from being related to the managing director or the chief executive officer of the company, ZEEL said in a regulatory filing on Monday.
 The firm also said its board has been reconstituted and three new independent directors R Gopalan, Surendra Singh and Aparajita Jain have been appointed in lieu of two independent and one nominee directors of Essel Group, promoter of Zee Entertainment.
 The reconstituted board consists of six independent directors and two members from the Essel Group.
 "The reconstitution of the board was to strengthen and induct independent members with varied experiences to build value and provide a strong signal to the existing and new institutional investors who have recently reposed their faith in the intrinsic value of the company, by investing Rs 4,770 crore," ZEEL said in a regulatory filing.
 In September, the group had sold 11 per cent stake in ZEEL to Invesco-Oppenheimer fund for over Rs 4,224 crore and then retired debt worth Rs 4,000 crore.
 Atlanta-based Invesco already held 7.74 per cent stake in ZEEL since 2002.
 Chandra will remain the company's non-executive director, which he founded in 1992, it added.
 "The board accepted his resignation and noted that this is in line with the requirements of Regulation 17(IB) of SEBI Listing Regulations, which inter alia mandates that the chairperson of the board shall not be related to the managing director or the chief executive officer of the company," the firm said.
 His resignation comes at a time when debt-ridden Essel Group is looking to further divest promoters' stake in the company to repay the debts.
 Promoter and promoter group shareholding in the company went down to 22.37 per cent in the quarter ended September 30, from 35.79 per cent in the quarter ended June 30.
 The Subhash Chandra-led cash-starved Essel Group on November 20 said it is planning to sell 16.5 per cent stake in its flagship ZEEL to financial creditors to meet its loan repayment obligations.
 In a related development, ZEEL's board also accepted the resignation of two independent directors Neharika Vohra and Sunil Sharma, with effect from November 24 as part of the process.
 It has also accepted the resignation of its company secretary M Lakshminarayanan and appointed Ashish Agarwal.
 "In view of changes in the promoter shareholding in the company and reconstitution of the board (being intimated separately), M Lakshminarayanan, has resigned as chief compliance officer and company secretary and the key managerial personnel of the company, with effect from the close of business on November 25, 2019," it said.
 Gopalan, 67, is a former bureaucrat and the country's former finance secretary. While Surendra Singh, 63, is a retired police officer and Aparajita Jain, 39, is a contemporary art professional.
 "The board also intends to onboard members who would bring additional skill sets including digital transformation," said ZEEL adding the reconstituted board "conducted their first meeting today, which was chaired by Gopalan".
 ZEEL has reported a revenue of Rs 6,857.86 crore for 2018-19. KRH RKL HRS

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