Zee settles StanChart row, nears Sony deal

Zee Entertainment Enterprises Ltd on Friday said it has entered into a one-time settlement with Standard Chartered Bank for a loan taken by Siti Networks, which belongs to the Essel group.

This is yet another step by the media major to remove potential hurdles that could come in the way of its much-awaited merger with Sony.

Zee said in a regulatory filing that the foreign lender had sanctioned certain credit facilities to Siti Networks Ltd which was secured by Debt Service Reserve Account (DSRA) support and an undertaking from Zee.