The National Stock Exchange (NSE) issued a circular on Tuesday and said that the exchange will curb the issuance of new futures and options contracts for Zee Entertainment once the existing contracts expire.
The circular dated April 16, 2024, stated, “Members are requested to note that the contracts for new expiry months in the following security will not be issued on expiry of existing contract months.”
The exchange noted that the contracts with expiry in April, May, and June will be available for trading till the expiry of the respective contracts. “However, the existing unexpired contracts of expiry months April 2024, May 2024 and June 2024 would continue to be available for trading till their respective expiry and new strikes would also be introduced in the existing contract months,” the statement read.
The NSE notified that no new contracts will be issued for the firm from June 28, 2024.
Zee Withdraws Merger Plea
On Tuesday, Zee Entertainment Enterprises Ltd announced that it has taken back its merger-seeking application with the Sony Group firms from the NCLT.
The media entity informed that its application looking for a merger with Culver Max Entertainment Pvt Ltd and Bangla Entertainment Pvt Ltd, both entities of the Sony Group, has been withdrawn from the National Company Law Tribunal (NCLT) - Mumbai bench.
The Indian media firm filed the plea earlier in January 2024, after the Sony Group called off the $10 billion merger regarding issues about the leadership of the merged entity.
Zee noted that the measures taken by the firm to withdraw the application from the NCLT are due to the legal advice received by the board. “This decision will also enable the company to pursue growth and evaluate strategic opportunities to generate higher value for all shareholders. The Board remains committed to reviewing the strategic action-oriented steps taken by the management and providing timely guidance,” the official statement from the firm said.
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