Yes Bank Ltd on Monday recorded an application under the watchful eye of the National Company Law Tribunal to start corporate bankruptcy goal process (CIRP) against Zee Learn Ltd. The bank asserted the aggregate sum in default concerning a monetary office is ₹468 crore.
Zee Learn, said notwithstanding, that it is ordering data to confirm claims in the said request, as per an administrative recording by the organization.
Beginning around 2003, Zee Learn has run Asia’s biggest pre-school chain Kidzee including around 1,900 schools in 750 urban areas across India and adjoining nations, as well as the Mount Litera Zee School chain of KG to class XII schools containing north of 120 schools across 110 areas. HDFC and Rattan India Finance hold 4.85% and 6.42% stakes, individually, in the organization.
New York-based speculative stock investments Moon Capital Management, the single-biggest unfamiliar investor in Zee Learn with a 6.43% stake, had prior started a move for another administration in the organization. The asset had requested that advertiser Subhash Chandra venture down from Zee Learn in February 2020, refering to mounting obligation, poor corporate administration, and an absence of a reasonable development methodology.
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