According to a report by The Economic Times
, a Delhi High Court-appointed arbitrator has asked Essel Group chairman Subhash Chandra not to sell his unpledged stake in ZEE till next month in an ongoing dispute with Indiabulls Housing Finance over default in repayment of loans worth Rs 200 crore. The order, passed by Justice Badar Durrez Ahmed (Retd) on August 28, restrains Chandra from selling, directly or indirectly, shares of ZEE till October 16, the date of the next hearing.
The Essel Group, which owns ZEE, had reached an agreement in January under which the lenders agreed not to sell the Zee Entertainment shares pledged with them till September 30 and gave Essel time to find a buyer for a portion of Chandra’s stake.
Meanwhile, shares of Indiabulls Housing Finance hit a 52-week low of Rs 403, down 5 per cent from its intra-day high of Rs 422 on the BSE. The stock has fallen below its previous low of Rs 406 touched on September 6, 2019 in intra-day trade.