News broadcaster Zee Media on Wednesday said it has withdrawn its Expression of Interest (EOI) and would not bid for the debt-ridden Reliance Broadcast Network Ltd (RBNL), NewsDrum reported.
Though Zee Media Corporation Ltd (ZMCL), earlier known as Zee News, has not specified any reason in a notice to bourses but said it will not participate in the resolution plan of RBNL.
"We would like to inform you that the Company has withdrawn its EOI filed with the CIRP on June 27, 2023, and accordingly the Company shall not be participating in the resolution plan of RBNL," the company said.
Earlier on May 5, the board of ZMCL had granted the approval to the company to submit EOI with the Corporate Insolvency Resolution Professional (‘CIRP’) of RBNL.
Earlier this year in February, the Mumbai bench of the National Company Law Tribunal (NCLT) had directed to initiate CIRP against RBNL, which operates the Big FM radio network.
The NCLT order came over a petition filed by IDBI Trusteeship Services Ltd.
ZMCL is one of the leading news networks in India. It has 14 news channels in seven languages, including Zee News, Zee Business, WION and Zee Hindustan.