Sebi to question Zee top bosses Subhash Chandra and Punit Goenka: Report - Hindustan Times
close_game
close_game

Sebi to question Zee top bosses Subhash Chandra and Punit Goenka: Report

Feb 22, 2024 08:55 AM IST

In June last year, Sebi said that ₹200 crore from Zee were diverted through related party transactions.

The Securities and Exchange Board of India (Sebi) is set to question Zee Entertainment Enterprises' top management- founder Subhash Chandra an chief executive and managing director Punit Goenka- on the alleged fund diversion at the media firm, Economic Times reported citing two people in the know. This comes as a part of the regulator's investigation which will be completed by mid-April, it added.

Zee Entertainment chairman Subhash Chandra.(Mint File)
Zee Entertainment chairman Subhash Chandra.(Mint File)

In June last year, Sebi said that 200 crore from Zee were diverted through related party transactions but this was contested by the company before the Securities Appellate Tribunal (SAT). Sebi later told the tribunal that it was conducting a wider investigation as it found that Subash Chandra had issued a letter of comfort for 4,210 crore in his capacity as chairman of Essel Group.

HT launches Crick-it, a one stop destination to catch Cricket, anytime, anywhere. Explore now!

"It was urged that eight months were required to complete a wider investigation, since now, the respondent (Sebi) finds that there are a large number of transactions - running into 2,000 crore - involving companies owned, controlled or otherwise related to the promoters," the order then said.

Read more: More trouble for Byju's: ED seeks look out circular against Byju Raveendran

What is Sebi investigating for now?

“Sebi is examining thousands of pages of transactions, bank statements, agreements, partnership deeds and board minutes”, a person told Economic Times after Bloomberg reported that Sebi had found about $241 million which might have been diverted by the company promoters.

A spokesperson for Zee responded to the report saying, “The reports and rumours pertaining to accounting issues in the company are incorrect and false. Pursuant to the SAT order, which granted relief to the current key managerial personnel (KMP), the company has been in the process of providing all comments, information or explanations requested by Sebi, and has extended complete cooperation on all aspects.”

Discover the complete story of India's general elections on our exclusive Elections Product! Access all the content absolutely free on the HT App. Download now!
Stay informed on Business News, TCS Q4 Results Live along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
  • ABOUT THE AUTHOR
    author-default-90x90

    Follow the latest breaking news and developments from India and around the world with Hindustan Times' newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we've got you covered.

SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Wednesday, April 17, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On