Mumbai, July 1 -- Almost a year after promoters of debt-ridden Zee Entertainment Enterprises Ltd (ZEEL) sold 11% stake in the company, YES Bank Ltd has moved the Mumbai High Court, asking it to prevent them from selling any more stake, and stop Zee promoter Punit Goenka from leaving India. Essel group, which includes ZEEL, owes as much as 8000 crore to YES Bank, which itself is in the middle of a complicated rescue.

According to the YES Bank petition, Zee group company Living Entertainment Ltd (LEL) had borrowed $50 million from YES Bank in 2016 to buy shares in its own unit Veria International. Goenka had provided guarantees for the loan. Separately, LEL entered into a put option agreement with another group company called ATL Media. Both...