The three-member committee will be headed by former Allahabad High Court judge Dr Satish Chandra and will have Uttam Prakash Agarwal and P V R Murthy as the independent directors.
The deal which was signed on December 21, 2021, to create the country’s largest media and entertainment conglomerate worth $10 billion, had an initial deadline of January 2023
The development comes months after IDBI Bank approached NCLT in December last year seeking an insolvency proceeding against the debt-laden media giant, in order to recover ₹149.60 crore dues.
ZEEL shares dropped nearly 5% on Friday after the NSE barred the media company from the futures and options (F&O) segment of the exchange.
Families staying at home are watching more TV, but the economic impact of the lockdown is hampering ad revenues for the broadcast industry.
Chandra’s resignation as Zee’s chairman marks the end of an era in which he pioneered the growth of private sector broadcast TV in the country. He will remain a board member.
