Bank of Baroda and Credit Suisse sold part of the Essel group promoters’ shares in Zee Entertainment Enterprises that were pledged with them in order to recover debt.
While Essel group officials expect them to sign a moratorium agreement as soon as possible, the firms said a Reserve Bank of India circular issued in February 12 last year is expected to hit the standstill proposal by the Essel group promoters, which disallows any loan restructuring or standstill unless 100 per cent of lenders agree and they make full provisions. On February 1, banks sold 7.4 million shares ...
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