Zee promoters sell shares to pay liabilities

By Our Staff Correspondent

MUMBAI, JULY 12. The promoters of Zee Telefilms (ZTL) have placed 50 lakh of their personal shares with a U. S. based institutional investor and the proceeds of this will be paid back to ZTL upon settlement.

Earlier, the promoters had been discharging their liabilities of Rs. 220 crores towards ZTL in a staggered manner. They had promised to return the entire Rs. 220 crores by June 30, 2001 but could return only Rs. 60 crores.

According to a press release issued by Essel group of companies, promoters of ZTL, the institutional investor who has purchased the shares is a long term investor in ZTL.

``We are committed to return the full amount with interest at the earliest possible time, '' said Mr. A. C. Saha, president, corporate finance, Essel Group of Companies. ``Placement of these shares is a testimony of the promoters' commitment to fulfil their obligation despite the share price of ZTL being very, low,'' he added.

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Section  : Business
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