Zee resolves conflicts with IPRS

 MUMBAI: Indian Performing Right Society (IPRS) and Zee Entertainment Enterprises (Zee) have reached a settlement to their disagreements, with IPRS agreeing to withdraw its insolvency petition against the media conglomerate.

The media company run by Punit Goenka stated in a regulatory filing that IPRS was not penalized. However, the terms of the settlement agreement with IPRS were not made public. IPRS presented Zee with an insolvency petition to the NCLT-Mumbai in January.

After the media conglomerate defaulted on a Rs 211 crore royalty payment, it took this action. At that point, Zee had rejected the IPRS claim, claiming that there was an earlier disagreement regarding the amount claimed.