Zee promoters met mutual fund lenders on September 18 for extending the September 30 deadline. No decision has been taken on the extension for which Sebi response would also be needed, sources told CNBC-TV18.

The deadline falls under the standstill agreement that was entered in January. The Zee management has paid 50 percent of the dues to the lenders, but the remaining 50 percent dues are still pending.

This could be a concern because market regulator Sebi has said that it does not recognize a standstill agreement.

In response to CNBC-TV18, the Essel Group said, “Essel Group is in constant dialogue with the consortium of lenders. The overall asset divestment approach is in steady progress and the Group remains focused on the repayment process. All decisions taken in this process so far have been in the interest of the lenders and have only been implemented after their consent. The Group will continue to follow this approach with a sheer focus on repayment."

First Published:Sept 19, 2019 2:44 PM IST