ZEEL Shares Soar as Arbitral Tribunal Rejects ABFL's Claims in ₹134 Crore Dispute

Mumbai, May 15 (ANI): Zee Entertainment Enterprises (ZEEL) share price skyrocketed by up to 4.39% after an Arbitral Tribunal rejected all claims filed by Aditya Birla Finance Ltd (ABFL) in a costly disagreement over a loan extended to Siti Networks Ltd.

In accordance with the recent decision, shares of ZEEL rose as high as ₹122.30 apiece on the Bombay Stock Exchange (BSE). This impressive gain has left many financial enthusiasts hopeful about the future growth prospects of the company.

An arbitration proceeding was initiated by Abhilasha Finance against Zee Entertainment Enterprises, where Aditya Birla Finance had asked for payment to guarantee a ₹134 crore loan. The Arbitral Tribunal on May 12 ruled that all claims made by the Aditya Birla Finance in this case have been dismissed.

According to ZEEL, the firm was unjustly subjected to arbitration proceedings initiated by ABFL seeking payment due on an alleged Letter of Comfort. This ruling has allowed Zee Entertainment Enterprises to breathe a sigh of relief and may pave the way for new ventures in the future.

Financial Market expert Kuber Anand stated that this news will be a shot in the arm for small and medium-sized enterprises, and their business expectations are now optimistic owing to a favorable arbitration decision.