Smaaash Entertainment RP calls for fresh bids

MUMBAI: The resolution professional (RP) for Sachin Tendulkar-backed sports entertainment company Smaaash Entertainment (SEPL) has called for expressions of interest for the third time just days after the Mumbai bench of the NCLT annulled the change of ownership of the “SMAAASH” brand, calling it a “fraudulent” transaction by promoter Shripal Morakhia.

Prospective bidders have been given time until December 23 to submit fresh resolution plans with January 2, 2024 being set as the date for issuing the provisional list of prospective applicants., documents accessed by ET showed.

This is the third time EoIs have been called for from prospective bidders after the first two processes were scrapped amidst litigation by Morakhia and after it was found that the “SMAAASH” brand was transferred based on a backdated assignment deed.

“The transfer of the brand was a major impediment in finding a buyer because the EoIs received were contingent on the brand being retained. Now that the court has unequivocally struck down that transfer, creditors are much more confident of getting a good value,” said a person familiar with the process.

(You can now subscribe to our Economic Times WhatsApp channel)

Leave a Comment