The network in its notice to bourses said it won’t be bidding for RBNL
Zee Media has reportedly withdrawn its Expression of Interest (EOI) in a notice to bourses and won’t be bidding for Reliance Broadcast Network Ltd., which is currently in debt.
Through Zee Media Corporation Ltd. (ZMCL) has not specified the reason why they won’t be participating in the bids. “We would like to inform you that the Company has withdrawn its EOI filed with the CIRP on June 27, 2023, and accordingly the Company shall not be participating in the resolution plan of RBNL,” said Zee Media.
On May 5, the board of ZMCL had given a nod to submit the EOI with the Corporate Insolvency Resolution Professional (CIRP) of RBNL. In February, the Mumbai bench of the National Company Law Tribunal (NCLT) directed to initiate CIRP against RBNL, which operates the Big FM radio network.
NCLT’s order was over a petition filed by IDBI Trusteeship Services Ltd.
