Zee Learn-Tree House proposed merger off

MUMBAI: Zee Learn Ltd has informed the BSE that the Board of Directors meeting of the Company held on 16 December, 2016, the Board took cognizance of the recent adverse media reports of Tree House closing down hundreds of its playgroup centres abruptly leaving parents / students high and dry and of many parents filing police complaints against Tree House and its Promoters.

The Board feels that this may change the complete business dynamics of Tree House and is not in the spirit of the Scheme of Amalgamation signed between ZLL and Tree House.

This fact coupled with the steadily deteriorating financials of Tree House, allegations of irregularities by Tree House / its Promoters and the need to protect the interest of ZLL shareholders, led to the Board of ZLL to unanimously agree to withdraw from the merger process with Tree House.

ZLL Board announced that in light of the recent inordinate developments at Tree House, it is withdrawing from the proposed Merger process with Tree House which has been awaiting various court,shareholder and related statutory approvals.

The Board approved sending requisite communication to Tree House to this effect and also convey to them that ZLL reserves its rights to initiate further suitable action against Tree House, its Promoters for ZLL's loss of reputation, goodwill and damages.

ZLL, a company promoted by Essel group, which runs Asia's largest play school chain (Kidzee) with 1600 plus centres, had agreed sometime back to participate in this Merger process with Tree House with great hopes of serving an even larger network of students. Recently, inspite of the reported worsening financial situation at Tree House, ZLL had agreed to keep the merger alive at renegotiated terms. However, the current media reports of Tree House, its Promoters closing down a huge number of centres mid-session without even a thought for the helpless students, parents has left everyone at ZLL aghast as this sort of an action is completely against the moral and professional values of ZLL.

ZLL CEO Debshankar Mukhopadhyay said, "ZLL has already requested its Kidzee Franchisees to try and provide proper mid-term admissions to such ex Tree House students who are stuck and wish to seek help because of Tree House I its Promoters actions. I am sure that our Franchisees will help to whatever extent possible. We hope that other play school chains will also come forward to help the students in this time of their need."

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