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Business Headlines : Is your Mutual Fund at a risk of defaulting due to the Zee Group crisis

The debt crisis that has hit billionaire Subhash Chandra promoted Essel Group, which has companies such as Zee Entertainment and Dish TV among many others under its umbrella, has trickled down to the mutual fund industry as well. Some of the country’s leading mutual fund houses such as Kotak Mutual Fund and the country’s largest mutual fund by assets under management, HDFC Mutual Fund, have either not paid the entire redemption amount or rolled over their schemes because of their exposure to Essel Group and Zee Entertainment that have defaulted on their payments to the Mutual Fund houses. We analyse the effect this has on the Mutual Fund houses and tell you which mutual funds may be affected. The world’s premier ride hailing app, San Francisco based Uber Technologies is all set to publicly file its documents with the US Securities and Exchanges Commission and register itself for an IPO. Uber is seeking to raise about 10 Billion $ from its listing, making it the largest US IPO of this year and among the 10 biggest of all time. Uber said it had revenues of 11.3 Billion $ last year, while gross bookings from rides was 50 Billion $, which is a 45% jump compared with the previous year. However, it made a loss of 3.3 billion $.

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