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Zee Group enters into Rs.1,500-Cr debt settlement deal with JC Flowers-Yes Bank ARC

Business Line  

JC Flowers Yes Bank Asset Reconstruction Company has worked out a one-time settlement (OTS) with Essel-group promoter Subhash Chandra. Against an outstanding debt of INR 6,500 crore, Chandra will pay INR 1,500 crore to regain ownership of the promoter family's stake in assets, including Dish TV and Zee Learn, as well as three properties, including a bungalow in central Delhi. 25% of the overall payment amount is to be made within 90 days. In April 2022, Yes Bank had transferred INR 48,000 crore of its bad loans to the ARC. The INR 6,500 crore outstanding debt of Zee Group was the largest loan in the portfolio of JC Flowers Yes Bank ARC. Zee Learn operates a chain of over 1,700 pre-schools under Kidzee across 550 cities in India and neighbouring countries, as well as a chain of K–12 schools. The company also owns vocational institutes, the Zee Institute of Creative Arts (ZICA) and the Zee Institute of Media Arts (ZIMA). Dish TV was run by Chandra's brother Jawahar Goel, before Yes Bank invoked the pledged shares and ousted Goel.