Punit Goenka, Subhash Chandra Barred by Regulators From Holding Management Positions at Zee, as Sony Merger Looms

, from holding any managerial or directorial positions in listed companies.

“The prima facie findings against the Noticees warrant a detailed investigation by SEBI to unravel the true and complete picture. Accordingly, SEBI has initiated a detailed investigation in the matter, which is currently in progress,” the notice adds. The order, signed by SEBI’s Ashwani Bhatia, says that there is a “prima facie case of Mr. Subhash Chandra and Mr. Punit Goenka having abused their position as directors/KMPs of a listed company for siphoning off funds for their own benefit. Further, although the Promoter Family is only holding 3.99% shares in ZEEL, Mr. Subhash Chandra and Mr. Punit Goenka continue to be at the helm of affairs of ZEEL.

ZEEL must place the order before their board of directors within seven days and Goenka and Chandra have 21 days to file their reply/objections.“The board is currently in the process of reviewing the detailed order, and appropriate legal advice is being sought in order to take the next steps as required.

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Indian Regulatory Body Bars ZEE’s Punit Goenka, Subhash Chandra From Holding Management Positions as Sony Merger LoomsIndia 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…
Fonte: Variety - 🏆 108. / 63 Consulte Mais informação »