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MUMBAI: Zee Entertainment Enterprises (Zee) and Indian Performing Right Society (IPRS) have settled their disputes, with the music artists’ body agreeing to withdraw its insolvency petition against the media major.
In a regulatory filing, the Punit Goenka-managed media company said there is no penalty paid to IPRS. It, however, didn’t disclose the terms of the settlement pact with IPRS. In January, IPRS filed an insolvency petition against Zee with the NCLT-Mumbai.
It took this step after the media major defaulted on a royalty payment of Rs 211 crore. At that time, Zee had rejected IPRS claim, citing that there is a pre-existing dispute between them on the claimed amount.
In a regulatory filing, the Punit Goenka-managed media company said there is no penalty paid to IPRS. It, however, didn’t disclose the terms of the settlement pact with IPRS. In January, IPRS filed an insolvency petition against Zee with the NCLT-Mumbai.
It took this step after the media major defaulted on a royalty payment of Rs 211 crore. At that time, Zee had rejected IPRS claim, citing that there is a pre-existing dispute between them on the claimed amount.
#Zee #Zee #settles #disputes #IPRS
