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Shareholders of ZEE Entertainment Enterprises Ltd. have approved the appointment of Divya Karani as an Independent Director and Saurav Adhikari as a Non-Executive Director to the company’s Board. The appointments were confirmed through a remote e-voting postal ballot process that concluded on July 8, 2025.

The overwhelming support for both appointments signals strong shareholder confidence in the company’s leadership and long-term strategy. In recent months, ZEE has focused on reinforcing its governance framework and aligning the Board with its strategic growth agenda. The inclusion of Karani and Adhikari marks another step in that direction, bringing a wealth of diverse experience to the Board.

Karani comes with over three decades of extensive experience spearheading some of the largest advertising and media agencies across India, South Asia, UK and Asia Pacific. Previously, she served as the CEO of Dentsu Media, South Asia, leading the agency for over 12 years as a prominent media agency network in the region. Karani currently serves on the Board of Kulfi Collective, a modern media network that builds brands and studios that function at the intersection of content, commerce and culture, as its Chairperson and Executive Director.

Adhikari also comes with over three decades of deep domain expertise in global businesses/markets across technology, FMCG and consumer durables sectors as an operations, general management and investment specialist. His prior experience includes several senior global leadership and executive roles across HCL, Unilever and PepsiCo amongst others. Adhikari is currently the Founder & Sr. Partner at Indus Tech Edge Fund I, a growth fund focused on globalizing India’s vibrant technology ecosystem. He is also a technology advisor and investor with interests across AI based fintech and healthcare firms, as well as analytics, IoT and logistics firms. 

Commenting on the appointment, R. Gopalan, Chairman, ZEE Entertainment Enterprises Ltd. said, “We are grateful to the shareholders for recognizing the value that Karani and Adhikari will bring to the Board. Their sharp business acumen, coupled with their creative expertise from respective sectors, will only strengthen the Board’s directional guidance to the management team as the Company progresses towards the targeted aspirations. We remain committed towards the targeted aspirations. We remain committed towards fortifying the Company and maximizing shareholder value, through all our decisions.” 



Divya Karani and Saurav Adhikari join ZEE Board following shareholder nod

India’s top proxy advisory firms are raising a red flag over Zee Entertainment's latest move to allot a hefty 16.9 crore warrants—worth ₹2,237 crore—to its promoters, warning shareholders that the proposal could severely dilute their stakes and tilt power further in CEO Punit Goenka’s favor.

The proposed issue, if approved, would shoot up the promoter group’s shareholding from a modest 3.99% to a commanding 18.39%. This increase in control comes at a time when Goenka isn’t even a board member, having lost a shareholder vote last year that would have reinstated him as managing director.

Governance experts say this move is not only unnecessary, given Zee’s strong cash position—₹2,240 crore in reserves as of March 31—but also risky, considering the company’s recent track record. The resolution will be up for shareholder voting from July 6 to July 9.

“This deal is all downside for minority shareholders,” warned proxy firm Ingovern in a June 23 report. “It involves excessive dilution and lacks strategic justification. We recommend voting AGAINST it.”

Institutional Investor Advisory Services (IIAS) echoed similar concerns. “Under Punit Goenka’s leadership, the company has faced a failed merger, regulatory probes, and substantial erosion in shareholder value,” IIAS stated. “Despite all this, the board continues to back him—even now, when he holds no board position.”

Both reports, reviewed by Moneycontrol, criticize the board’s decision to back the warrant issue, suggesting it paves the way for Goenka and the promoter group to consolidate control, regardless of prior regulatory scrutiny or market performance.

Zee’s woes have been mounting since 2023 when the Securities and Exchange Board of India (SEBI) issued an interim order against founder Subhash Chandra and Goenka over alleged fund diversion. While the Securities Appellate Tribunal has stayed the order, the investigation continues, and a final SEBI ruling is awaited.

The warrants, priced at ₹132 each, are being subscribed through offshore entities—Sunbright Mauritius Investments Ltd and Altilis Technologies Pvt Ltd. Promoters will initially pay 25% (₹574 crore) and the rest after 18 months when the warrants are converted into equity.

Zee claims the funds will be used in phases: the upfront amount to develop a short video app, kids’ educational content, and a live content platform; the later tranche, post conversion, will fund potential mergers and acquisitions.

But for now, the biggest battle is not for the market—but for control. And with shareholder trust shaken, the coming vote may well decide who really calls the shots at Zee.

Warrants worth ₹2,237 Cr: Why proxy advisors are saying ‘No’ to Zee’s promoter deal

Zee Entertainment Enterprises Limited (ZEEL) has announced an Extraordinary General Meeting (EGM) scheduled for July 10, 2025, to seek shareholder approval for raising up to Rs 2,237.44 crore. The funds will be raised through preferential allotment of fully convertible warrants to its promoter group entities, Altilis Technologies Private Limited and Sunbright Mauritius Investments Limited.

ZEEL has estimated to spend Rs 1000 crore for investment in building new businesses such as an app for short form content, development of edutainment content for kids, developing and licensing of sport content properties, building of live content business, investment into expanding distribution segment of the business and investment into R&D for developing delivery of content into 3D format.

It will further infuse Rs 712.44 crore into inorganic expansion of business through M&A transaction – in the space of general entertainment including content and related tech companies and additional spends of Rs 525 crore for general corporate purposes.  

Zee Entertainment Enterprises Ltd. (ZEE) had approved the issuance of up to 16.95 crore fully convertible warrants to its promoter group on a preferential basis, priced at Rs 132 per warrant, significantly above the SEBI-prescribed price of Rs 128.58. The move is aimed at strengthening the company’s financial foundation and accelerating its strategic ambitions in the content and technology space.

The Board met twice on June 16 to deliberate on the company’s future growth roadmap. In the first meeting, investment bank J.P. Morgan India Pvt. Ltd., appointed as a strategic advisor, presented its evaluation of ZEE’s long-term growth initiatives and market positioning. J.P. Morgan’s review included suggestions to augment the company's balance sheet and position it for upcoming opportunities and market shifts.

The company plans to issue up to 16.95 crore warrants, each priced at ₹132 and convertible into one equity share of ₹1 each. The proposed allottees, Altilis Technologies Private Limited and Sunbright Mauritius Investments Limited, are part of the Zee promoter group. A 25% upfront payment of ₹33 per warrant will be required, with the remaining 75% payable at the time of conversion within 18 months from the allotment.

According to the explanatory statement accompanying the notice, the proceeds will support ZEEL’s strategic growth initiatives. The funds will be directed towards scaling new businesses such as short-form content apps, children's edutainment, sports content development, and 3D content delivery R&D. Additionally, Zee aims to utilize the capital for potential mergers and acquisitions in the entertainment and content tech space and for general corporate purposes.

The statement to exchanges reads, "The Company intends to utilize the proceeds raised through the Preferential Issue (‘Issue Proceeds’) towards the following objects: Investment in building new businesses such as an app for short form content, development edutainment content of kids, developing and licensing of sport content properties, building of live content business, investment into expanding distribution segment of the business and investment into R&D for developing delivery of content into 3D format; Investment into inorganic expansion of business through M&A transaction – in the space of general entertainment including content and related tech companies." 

“The Board has deliberated upon the various alternatives and conducted a thorough evaluation of the Company’s growth plans,” said R. Gopalan, Chairman of ZEE. “The investment by the promoters, coupled with the ambitious growth initiatives planned by the management team, will ensure that ZEE remains well-positioned to accelerate its strategic plans.”

Promoter group representative Shubham Shree added that the group had expressed its intention to increase its stake as early as May 1, when ZEE’s stock traded at ₹106.35, underscoring their long-term commitment to the company’s vision even at higher price levels.

This move follows a series of strategic decisions by the company in recent months. On May 1, the Board had approved the incorporation of three wholly owned subsidiaries to diversify ZEE’s business. Additionally, the company recently invested in "Bullet", a new-age content and tech start-up aimed at launching a micro-drama app targeting younger audiences.

Breaking: ZEEL plans to infuse ₹2,237 cr into short-form app, sports content and 3D R&D

Zee Entertainment Enterprises Ltd. (ZEE) has approved the issuance of up to 16.95 crore fully convertible warrants to its promoter group on a preferential basis, priced at ₹132 per warrant, significantly above the SEBI-prescribed price of ₹128.58. The move is aimed at strengthening the company’s financial foundation and accelerating its strategic ambitions in the content and technology space.

The Board met twice today to deliberate on the company’s future growth roadmap. In the first meeting, investment bank J.P. Morgan India Pvt. Ltd., appointed as a strategic advisor, presented its evaluation of ZEE’s long-term growth initiatives and market positioning. J.P. Morgan’s review included suggestions to augment the company's balance sheet and position it for upcoming opportunities and market shifts.

Following this, the Board approved the ₹2,237 crore fund infusion by promoter entities. The capital raise is intended to support ZEE’s next phase of growth and will increase promoter shareholding to 18.39%, subject to shareholder approval.

“The Board has deliberated upon the various alternatives and conducted a thorough evaluation of the Company’s growth plans,” said R. Gopalan, Chairman of ZEE. “The investment by the promoters, coupled with the ambitious growth initiatives planned by the management team, will ensure that ZEE remains well-positioned to accelerate its strategic plans.”

Promoter group representative Shubham Shree added that the group had expressed its intention to increase its stake as early as May 1, when ZEE’s stock traded at ₹106.35, underscoring their long-term commitment to the company’s vision even at higher price levels.

This move follows a series of strategic decisions by the company in recent months. On May 1, the Board had approved the incorporation of three wholly owned subsidiaries to diversify ZEE’s business. Additionally, the company recently invested in "Bullet", a new-age content and tech start-up aimed at launching a micro-drama app targeting younger audiences. 

ZEEL board approves ₹2,237 cr fund infusion via preferential allotment to promoters

In a growing standoff that raises questions about the power dynamics between distribution platform operators (DPOs) and broadcasters, major DTH players Tata Play and Airtel Digital TV have removed channels of Sony and Zee Network, respectively, from their base packs. Sources cite disagreements over tariff hikes proposed by the broadcasters.

Broadcasters, including Culver Max Entertainment (formerly Sony Pictures Networks India) and Zee Entertainment Enterprises Ltd (ZEEL), are allegedly demanding a 10–20% increase in annual subscription fees. However, DTH operators are resisting the hike, citing stagnant average revenue per user (ARPU) and increasing customer churn, especially in a price-sensitive market.

The dispute turned public in May when Tata Play dropped Sony channels from its packs. The DTH operator claimed the broadcaster displayed a scroll on channel for subscribers to move to other operator. Tata Play then approached the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) to challenge a ₹128.42 crore demand notice issued by Culver Max. TDSAT directed Tata Play to deposit ₹40 crore and temporarily stayed the broadcaster's disconnection notice.

Culver Max subsequently moved the Bombay High Court, contesting a TDSAT order that barred it from making public statements about the channel removals, signalling how contentious and complex the negotiations have become.

In a parallel development, Airtel Digital TV subscribers were caught off guard when Zee channels disappeared from their DTH packages. The move, which has not been accompanied by any transparent communication from ZEEL, is reportedly a result of Airtel’s resistance to subscription fee hike proposed by the broadcaster.

Industry veterans say this is not new. A senior broadcasting executive, requesting anonymity, told Storyboard18, "This is a common tactic used by DTH operators. When major sporting events or premieres are scheduled, they sometimes remove the channels to pressure broadcasters, impacting their viewership and advertiser interest."

Another broadcaster echoed the sentiment, adding, "Advertisers begin to question a channel’s reach. These removals directly impact channel's business. Content creation has become costly and it is an industry norm to increase subscription fee on timely basis to sustain business. In the long run, such hiccups will impact DTH operators, leading to subscribers to opt for other DTH or cable operator." 

However, Tata Play MD and CEO Harit Nagpal rejected allegations of coercion, clarifying, "This is not a channel takedown situation. When someone has a dispute and takes down a channel, it means none of their subscribers can view it. That's not the case here. We’ve not removed any Sony channels from Tata Play’s platform. This is a regular practice we follow, driven by data and aimed at improving affordability for our subscribers.” 

Nagpal further said, “We observed that there’s a wide gap between channels people subscribe to and the ones they watch. Often, when channels are bundled, people pay for all but watch only one or two. We particularly monitor customers who are slow to recharge—5, 7, sometimes even 15 days late. That’s an indicator they don’t see value in what they’re paying. We remove channels for users who are least engaged but also offer them a way to bring it back.” 

Airtel issued a similar clarification, stating that all Zee Network channels remain available on its platform and can be added individually at market rates. “Due to recent changes in broadcaster tariffs, Zee Network channels will no longer be part of the Airtel DTH base packs. These pack prices will be adjusted accordingly. All Zee network channels are available on Airtel DTH and can be added individually to the list of subscribed channel at their respective MRPs via channel selection options.” the company spokesperson said.

Meanwhile, regulators have been urged to step in. “Consumers don’t understand these disputes. If they don’t receive what they paid for, they simply migrate to other platforms. It’s time regulators intervened to protect viewer interests,” said another industry veteran.

Despite queries sent by Storyboard18, both Culver Max and ZEEL have not commented publicly on the matter.

<a href="https://www.storyboard18.com/television/breaking-after-tata-play-airtel-tv-drops-zeel-channels-amid-tariff-dispute-69827.htm">Read more: Breaking: After Tata Play, Airtel TV drops ZEEL channels amid tariff dispute</a>

<a href="https://www.storyboard18.com/television/culver-max-moves-bombay-hc-against-gag-order-by-tdsat-in-tata-play-dispute-69797.htm">Read more: Culver Max moves Bombay HC against gag order by TDSAT in Tata Play dispute</a>



Sony, Zee channels off DTH packs: Are DPOs 'arm-twisting' broadcasters?

In a fresh escalation of tensions between broadcasters and distribution platforms, Airtel Digital TV has removed all Zee Entertainment Enterprises Ltd (ZEEL) channels from its DTH base packs. This development comes on the heels of Tata Play dropping Sony channels in May over similar issues related to tariffs and content value.

Several Airtel DTH subscribers reported the abrupt disappearance of Zee channels from their packages, sparking confusion and speculation. Sources suggest the move is a result of a standoff between Airtel and ZEEL, with the broadcaster reportedly demanding a 10–15% hike in annual subscription fees—an increase Airtel is unwilling to accept amid broader industry headwinds.

Airtel has confirmed the removal of ZEEL channels from base packs. Consumers can watch ZEEL channels on à la carte basis. Airtel Spokesperson said, “Due to recent changes in broadcaster tariffs, Zee Network channels will no longer be part of the Airtel DTH base packs. These pack prices will be adjusted accordingly. All Zee network channels are available on Airtel DTH and can be added individually to the list of subscribed channel at their respective MRPs via channel selection options.”

Storyboard18 has reached out to ZEEL for an official response, and this story will be updated accordingly.

This development mirrors an ongoing dispute between Tata Play and Culver Max Entertainment (formerly Sony Pictures Networks India). In that case, the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) recently provided partial relief to Tata Play by staying the execution of a ₹128.42 crore demand notice issued by the broadcaster, instead directing the DTH operator to deposit ₹40 crore within two weeks.

The TDSAT order came after Tata Play challenged a disconnection notice dated May 21 from Culver Max. The tribunal, while admitting the petition, stated that there was a prima facie case in Tata Play’s favour and that the balance of convenience also tilted towards the DTH operator.

Meanwhile, Culver Max has approached the Bombay High Court challenging a separate TDSAT order that barred it from making public statements about the Tata Play dispute. In its writ petition filed on June 6, the broadcaster contends that the tribunal’s May 30 order infringes upon its right to free speech and trade, arguing that Tata Play dropped 25 of its channels without notice—an action it claims violates contractual obligations and TRAI norms.

The twin developments highlight increasing friction in the Indian television distribution ecosystem, with operators and broadcasters locked in disputes over pricing, transparency, and regulatory interpretation. As DTH players push back against steep fee hikes and broadcasters defend content value, the coming weeks may see more legal battles and shifts in consumer channel access.

Breaking: After Tata Play, Airtel TV drops ZEEL channels amid tariff dispute

With the Delhi High Court granting JioStar a first-of-its-kind “superlative injunction,” broadcasters such as Zee Entertainment Enterprises Limited (ZEEL), Sony Pictures Network India (SPNI) and OTT platforms are likely to piggyback on the judgement to seek proactive, sweeping anti-piracy relief. The order marks a shift toward anticipatory protection, empowering content owners to act fast against mobile apps and websites streaming pirated material.

The superlative injunction, granted by Justice Saurabh Banerjee on May 29, allows JioStar to take down unauthorized piracy platforms — including newly appearing websites, mirror domains, and mobile apps — without having to return to court for every violation. The legal breakthrough comes amid JioStar’s ongoing battle against platforms like IPTV Smarters that illegally streamed marquee events and other sports content.

The broader implications are significant. Legal experts believe ZEEL, SPNI and OTT platforms like Netflix, Amazon Prime Video among others — owning expansive content libraries and live sports rights — could invoke this precedent to obtain similar injunctions, dramatically improving enforcement capabilities.

<strong>Siddharth Chandrashekhar, Bombay High Court lawyer</strong>, emphasized the judgment’s strategic value for large broadcasters, “Broadcasters now have something much akin a legal template. SPNI, ZEEL, etc., can piggyback on this ruling to seek similar super-injunctions, shielding revenue-intensive content and combating link farms before they sprout. However Star's  legal, technical, and financial  muscle is not universally replicable.”

Chandrashekhar said, “Smaller players often lack tools for real-time monitoring, digital evidence collection, or jurisdictional enforcement. Domain hopping remains a real threat unless ISPs act swiftly and uniformly. While the precedent is powerful, enforcement consistency and digital traceability will determine whether others can replicate Star’s success.”

According to “The Rob Report” released by EY and the Internet and Mobile Association of India (IAMAI), the size of India’s piracy economy was ₹224 billion in 2023, ranking fourth against the segment wise revenue generated by India’s Media and Entertainment industry. Of this, ₹137 billion was generated from pirated content from movie theaters while ₹87 billion was generated from OTT platforms’ content. The potential GST losses of up to ₹43 billion were estimated to have been incurred.

<strong>Vindhya S Mani, Partner at Lakshmikumaran & Sridharan Attorneys</strong>, called the judgment a milestone in India’s IP protection landscape: “As a proactive IP jurisdiction, Indian judiciary as well as lawmakers continue to take different measures to tackle evolving forms of piracy. Therefore, the law and the Courts are well-suited to tackle piracy. The aspect of enforcement of laws and Court decisions is also improving with measures such as dynamic and superlative interim injunction measures.” 

Mani said, “The introduction of superlative injunctions will broaden the scope of relief in infringement actions by taking mobile applications, rogue websites, mirror applications, mirror websites, etc., within its scope. As a consequence of the broader scope of relief, broadcasters would now be able to avoid duplicative litigation and enforce a superlative injunction against all rogue platforms, thereby reducing costs and making enforcement more efficient.” 

Storyboard18 had first reported about Gujarat’s Gandhinagar Cyber Police, acting on a complaint from Star India, had arrested an alleged kingpin behind an illicit Internet Protocol Television (IPTV) service that attracted roughly five million subscribers and generated an estimated ₹700 crore (US $84 million) in annual revenue.  

<a href="https://www.storyboard18.com/television/exclusive-gujarat-police-star-india-bust-%E2%82%B9700-crore-iptv-racket-streaming-pakistani-channels-66250.htm">EXCLUSIVE: Gujarat police, Star India bust ₹700 crore IPTV racket streaming Pakistani channels</a>

A senior counsel on condition of anonymity said, “OTT platforms can invoke this precedent to shield marquee releases. The logic behind anticipatory injunctions applies equally to Netflix originals and Prime debuts, especially when pirated versions are out within minutes of launch. However, OTT piracy is more fragmented and there are various mediums/applications Internet Pirates use such as Telegram, VPNs, torrenting, shadow websites. OTTs got a new firewall, but hackers still know the backdoor. The court gave OTTs a desi shield. Now they need a global sword.” 

India may have just armed its broadcasters and content creators with a legal sledgehammer — now, it's a question of how smartly and swiftly they swing it.

<a href="https://www.storyboard18.com/how-it-works/breaking-major-iptv-piracy-ring-busted-in-dubai-following-disney-star-complaint-42678.htm">Read More: Major IPTV piracy ring busted following Disney Star complaint</a>

<a href="https://www.storyboard18.com/television/gujarat-police-probes-radicalization-syria-links-in-%E2%82%B9700-crore-iptv-piracy-case-66419.htm">Read More: Gujarat police probes radicalization, Syria links in ₹700 crore IPTV piracy case</a>

ZEEL, SPNI to piggyback on JioStar’s super injunction in piracy crackdown

Zee Media Corporation Limited announced today that its Board of Directors has approved a major fundraising initiative through the issuance of Foreign Currency Convertible Bonds (FCCBs) worth up to USD 465.9 million (Rs 399.78 crore). The bonds will be issued on a private placement basis to UNICO Global Opportunities Fund Ltd. and Sun India Opportunities Investing Fund.

This strategic move aims to bolster Zee Media's financial flexibility and is aligned with the External Commercial Borrowing (ECB) guidelines issued by the Reserve Bank of India.

The decision was made during a board meeting held earlier today and disclosed to the National Stock Exchange (NSE) and BSE Limited. The bonds will carry a 5% annual coupon rate, remain unsecured and unlisted, and have a 10-year maturity. They will be issued on a private placement basis to two international investors — UNICO Global Opportunities Fund Limited and Sun India Opportunities Investing Fund (a VCC sub-fund).

The FCCBs will be issued in five series, and the funds will be drawn in tranches. The company has fixed the conversion price at ₹13.50 per equity share (including ₹12.50 as equity premium), based on the pricing formula under the 1993 FCCB Scheme. The "floor price" for the issuance has been set at ₹13.04 per equity share, with the relevant date for pricing determined as April 8, 2025.

Should the bonds be converted, Zee Media could potentially issue up to 2,961,353,58 new equity shares of ₹1 each. The FCCBs will not be listed on any stock exchange, domestic or international. The company has not reported any default history on coupon payments for prior FCCB issuances.

Zee Media approves 10-Year, 5% FCCB issue worth USD 465.9 Million

The National Company Law Appellate Tribunal (NCLAT)has dismissed IDBI Bank's plea seeking insolvency proceedings against Zee Entertainment.  The NCLAT upheld the earlier order by the National Company Law Tribunal (NCLT), which rejected IDBI's plea against the media company.

In an official communication addressed to the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE), ZEEL confirmed that the appellate tribunal upheld the NCLT's order.

The development follows ZEEL's earlier disclosure on August 1, 2023, in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. In that filing, the company had informed stakeholders of the ongoing legal proceedings initiated by IDBI Bank.

“We are pleased to inform that the NCLAT has upheld the order passed by NCLT, thereby dismissing the appeal by IDBI Bank,” the statement from ZEEL read.

The appellate tribunal has also granted IDBI Bank the liberty to file a fresh plea against Zee Entertainment for defaults beyond the Covid moratorium period. IDBI Bank had sought insolvency proceedings against Zee Entertainment Enterprises Limited (ZEEL) to recover dues of ₹149.60 crore.

IDBI Bank, in its petition, claimed that Zee agreed to secure loans extended to Siti Networks through a Debt Service Reserve Account (DSRA) Guarantee. The lender says Siti Networks had to maintain the DSRA. It alleged that Zee submitted a guarantee and was responsible for any shortfalls in the DSRA. It adds that the media firm was informed about the shortfalls.

Zee opposed the lender’s plea and sought its dismissal. It also opposed the issuance of a notice. Earlier in May 2023, the Mumbai bench of the NCLT had dismissed the bank’s insolvency plea against Zee.

No insolvency for Zee: IDBI’s plea dismissed by Appellate Tribunal

Zee Entertainment Enterprises Ltd. (ZEEL) has received GST notice from the Commercial Tax Officer, Chengalpattu, Tamil Nadu. The order demands INR 0.40 million (including penalty) for ineligible Input Tax Credit (ITC) claims, along with INR 16.56 million in interest for excess ITC availed between July 2017 and March 2018. 

ZEEL believes the case has merit and will appeal within three months under the TNGST Act. The company assured investors that the order will not materially impact its financials or operations. The violation stated reads GST demanded towards excess ITC claimed in GSTR-3B.

ZEEL in its disclosure to stock exchanges stated that they have received a GST Order passed under Section 74, of TNGST/CGST/IGST Act, 2017 determining tax payable under GST of INR 0.40 million (including penalty) on ineligible ITC claimed and interest towards discrepancies arising in excess availment of ITC of INR 16.56 million for the period July 2017 to March 2018.

ZEEL in its filing stated, "The Company believes that there are merits in the case and will take necessary legal recourse under the available law by filing an appeal with three months before the adjudicating authority as per the provisions of TNGST Act. There is no material impact on financial, operations or other activities of the Company."