Indian Regulatory Body Bars ZEE’s Punit Goenka, Subhash Chandra From Holding Management Positions as Sony Merger Looms

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India Securities and Exchange Board (SEBI) has banned Zee Entertainment Enterprises (ZEEL) MD and CEO Punit Goenka and chairman emeritus Subhash Chandra from holding any managerial or directorial p…

The suspension is while SEBI carries out investigations into allegations of insider trading. On Thursday, SEBI, which is set up to “protect the interests of investors in securities and to promote the development of and to regulate the securities market” issued an interim order naming Goenka and Chandra as “noticees.” The detailed 16-page notice, of which“It was ZEEL’s own funds which was rotated through multiple layers to finally end in ZEEL’s account.

“The intent behind the related party transactions was clearly not in the best interest of ZEEL. What is also amply clear is that structures and processes were not in place in the Company that could control such irresponsible behaviour and hold to account such individuals. ZEEL is the flagship Company of the Essel Group. It appears as if it was used like a piggy bank by the Noticees,” the notice says.

 

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