Zee Entertainment Gets Tribunal Relief for Warrants Issue

An Indian appeals tribunal has granted Zee Entertainment partial relief from a securities market ban, allowing the broadcaster to proceed with a planned issue of fully convertible warrants to a promoter group entity. The Securities Appellate Tribunal permitted the preferential issue while keeping the company’s broader market debarment in place.

Zee shares ended 5.7% higher on Friday following the tribunal’s order. The company had approved convertible warrants worth ₹31.44 billion ($329.5 million) last month. The tribunal also extended the deadline for completing the warrant issue by one week from August 14.

The ruling comes after India’s markets regulator SEBI barred Zee from the securities markets for two months in July and imposed longer bans on CEO Punit Goenka and Founder-Chairman Emeritus Subhash Chandra. The tribunal clarified that Zee’s debarment will continue, with permission granted only to complete the warrant issue.

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