Reliance Broadcast Network Ltd: Zee Media withdraws EOI for Reliance Broadcast; not to submit any resolution plan

Information broadcaster Zee Media on Wednesday stated it has withdrawn its Expression of Curiosity (EOI) and wouldn’t bid for the debt-ridden Reliance Broadcast Community Ltd (RBNL). Although Zee Media Company Ltd (ZMCL), earlier generally known as Zee Information, has not specified any motive in a discover to bourses however stated it is not going to take part within the decision plan of RBNL.

“We wish to inform you that the Firm has withdrawn its EOI filed with the CIRP on June 27, 2023, and accordingly the Firm shall not be taking part within the decision plan of RBNL,” the corporate stated.

Earlier on Could 5, the board of ZMCL had granted the approval to the corporate to submit EOI with the Company Insolvency Decision Skilled (‘CIRP’) of RBNL.

Earlier this 12 months in February, the Mumbai bench of the Nationwide Firm Legislation Tribunal (NCLT) had directed to provoke CIRP towards RBNL, which operates the Massive FM radio community.

The NCLT order came visiting a petition filed by IDBI Trusteeship Companies Ltd.

ZMCL is without doubt one of the main information networks in India. It has 14 information channels in seven languages, together with Zee Information, Zee Enterprise, WION and Zee Hindustan.