ZEEL & IPRS agree to settle Rs. 211 crore dues
Zee Entertainment Enterprises (ZEEL) and the Indian Performing Right Society (IPRS) have come to a resolution to settle all disputes and claims mounting up to over Rs. 211 crore.
In its regulatory filing on Monday, ZEEL said, “The Company and Indian Performing Right Society Limited (“IPRS”) have mutually entered into the settlement agreement today on such agreed terms by which all disputes and claims have been settled between the Company and IPRS and accordingly IPRS has agreed to withdraw the aforesaid insolvency petition filed by them.”withdraw the aforesaid insolvency petition filed by them.”
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ZEEL added, “settlement terms are as per the settlement agreement entered into by the Company and IPRS. There is no penalty paid and no material impact on the financial position of the company.”
