Zee-Sony merger: The Supreme Court on Tuesday upheld the Delhi High Court’s ruling to refer the Rs 150 crore dispute between Aditya Birla Finance and Siti Networks to arbitration. The high court had appointed former Supreme Court judge Justice LN Rao as the sole arbitrator.
Aditya Birla Finance had alleged that Siti has not settled outstanding payments to the tune of Rs 134 crore, along with interest. It has looped in Zee in the matter as it had agreed to guarantee, a report in CNBC TV18 said.
In 2020, Siti Broadband had availed of a loan of Rs 5 crore from Aditya Birla Finance, to be repaid in 19 quarterly instalments after a moratorium of five quarters from the first disbursement. According to Aditya Birla Finance, Siti Broadband ha…
Read the full article at: https://www.businesstoday.in/latest/corporate/story/more-trouble-for-zee-sc-upholds-hc-ruling-to-send-siti-networks-loan-default-case-to-arbitration-413517-2024-01-16