Indian media giant Zee Entertainment Enterprises Limited (Zeel) is setting up an advisory committee in the wake of recent allegations about the company’s financial transactions.
In 2023, Indian regulator Securities and Exchange Board (Sebi) barred MD-ceo Punit Goenka and Zeel chair emeritus Subhash Chandra from holding management positions in listed companies while it carried out investigations into allegations of insider trading and fund siphoning. Goenka appealed the order with India’s Securities Appellate Tribunal (Sat) and the ban was lifted.
Earlier this week, a Bloomberg report alleged that Sebi had found a discrepancy of some $241 million in Zeel’s accounts and that the company founders were being called in for questioning. “Reports and rumours pertaining to accounting issues in the company are incorrect and false,” was Zeel’s response. Zeel shares plummeted when the allegation surfaced.
On Friday, Zeel said that its board “has approved to constitute an independent advisory...
In 2023, Indian regulator Securities and Exchange Board (Sebi) barred MD-ceo Punit Goenka and Zeel chair emeritus Subhash Chandra from holding management positions in listed companies while it carried out investigations into allegations of insider trading and fund siphoning. Goenka appealed the order with India’s Securities Appellate Tribunal (Sat) and the ban was lifted.
Earlier this week, a Bloomberg report alleged that Sebi had found a discrepancy of some $241 million in Zeel’s accounts and that the company founders were being called in for questioning. “Reports and rumours pertaining to accounting issues in the company are incorrect and false,” was Zeel’s response. Zeel shares plummeted when the allegation surfaced.
On Friday, Zeel said that its board “has approved to constitute an independent advisory...
- 2/23/2024
- by Naman Ramachandran
- Variety Film + TV
Zee-Sony Merger Back On Track
The merger of Zee Entertain Enterprises and Sony’s Indian arm looks to be back on track after an order banning Punit Goenka from managing the new entity was lifted yesterday. The merger of Zee and Culver Max Entertainment was given the go-ahead in August, but the merger has run into several problems. The India Securities and Exchange Board had barred Goenka and his father, Zee founder Subhash Chandra, from the boardrooms of listed companies for a year over allegations of insider trading. However, the Securities Appellate Tribunal has overturned that decision, paving the way for the $10B merger to go ahead and for Goenka to resume his role as MD and CEO of Zee. Sony and Zee have been planning the union for over two years now.
JFK Doc Set For Channel 5/Paramount+
UK network and its stablemate Paramount+ have ordered...
The merger of Zee Entertain Enterprises and Sony’s Indian arm looks to be back on track after an order banning Punit Goenka from managing the new entity was lifted yesterday. The merger of Zee and Culver Max Entertainment was given the go-ahead in August, but the merger has run into several problems. The India Securities and Exchange Board had barred Goenka and his father, Zee founder Subhash Chandra, from the boardrooms of listed companies for a year over allegations of insider trading. However, the Securities Appellate Tribunal has overturned that decision, paving the way for the $10B merger to go ahead and for Goenka to resume his role as MD and CEO of Zee. Sony and Zee have been planning the union for over two years now.
JFK Doc Set For Channel 5/Paramount+
UK network and its stablemate Paramount+ have ordered...
- 10/31/2023
- by Jesse Whittock
- Deadline Film + TV
The ban by Indian regulator Securities and Exchange Board (Sebi) on Punit Goenka, MD-ceo of media giant Zee Entertainment Enterprises (Zeel) has been lifted after an appeal.
In June, Sebi barred Goenka and Zeel chair emeritus Subhash Chandra from holding management positions in listed companies while Sebi carried out investigations into allegations of insider trading and fund siphoning. Goenka appealed the order with India’s Securities Appellate Tribunal (Sat).
On Monday, Sat said in a statement: “The impugned order cannot be sustained and is quashed insofar as it relates to the appellant (Goenka). The restraint order passed by the respondent pursuant to the ad interim order and the confirmatory order restraining the appellant from functioning as a managing director is set aside. The appeal is allowed. The appellant shall, however, cooperate in the investigation. In the event any material comes out against the appellant during the investigation, then the appropriate...
In June, Sebi barred Goenka and Zeel chair emeritus Subhash Chandra from holding management positions in listed companies while Sebi carried out investigations into allegations of insider trading and fund siphoning. Goenka appealed the order with India’s Securities Appellate Tribunal (Sat).
On Monday, Sat said in a statement: “The impugned order cannot be sustained and is quashed insofar as it relates to the appellant (Goenka). The restraint order passed by the respondent pursuant to the ad interim order and the confirmatory order restraining the appellant from functioning as a managing director is set aside. The appeal is allowed. The appellant shall, however, cooperate in the investigation. In the event any material comes out against the appellant during the investigation, then the appropriate...
- 10/31/2023
- by Naman Ramachandran
- Variety Film + TV
Sony Pictures Entertainment is taking an interim regulatory order against Zee Entertainment directors Subhash Chandra and Punit Goenka “very seriously,” despite concerns over what it could mean for the two companies’ merger.
The India Securities and Exchange Board (Sebi) last week issued an order banning Zee founder and Chairman Emeritus Chandra and Managing Director Goenka from taking key roles at any listed company over allegations of insider trader.
That had led to speculation the plan to merger Sony Pictures Networks India and Zee into one company could be impacted. The new business would span TV channels, film assets and streaming services SonyLIV and ZEE5 Global.
Sony is planning to push on with the merger despite the increasingly uncertain backdrop, suggesting Indian press reports over the situation were incorrect.
“There have been several erroneous press reports recently speculating about the future of Zee’s planned merger with Spni following Sebi’s...
The India Securities and Exchange Board (Sebi) last week issued an order banning Zee founder and Chairman Emeritus Chandra and Managing Director Goenka from taking key roles at any listed company over allegations of insider trader.
That had led to speculation the plan to merger Sony Pictures Networks India and Zee into one company could be impacted. The new business would span TV channels, film assets and streaming services SonyLIV and ZEE5 Global.
Sony is planning to push on with the merger despite the increasingly uncertain backdrop, suggesting Indian press reports over the situation were incorrect.
“There have been several erroneous press reports recently speculating about the future of Zee’s planned merger with Spni following Sebi’s...
- 6/21/2023
- by Jesse Whittock
- Deadline Film + TV
Weeks after India Securities and Exchange Board (Sebi) barred Zee Entertainment Enterprises (Zeel) top brass from holding any managerial or directorial positions, Sony has responded.
On June 12, Sebi barred Punit Goenka and Subhash Chandra, MD-ceo and chairman emeritus respectively, of media giant Zeel, from holding any managerial or directorial positions in listed companies. The suspension is while Sebi carries out investigations into allegations of insider trading.
Zee has challenged the Sebi order at the Securities Appellate Tribunal and the matter will be heard on June 26.
In 2021, Zeel and Sony Pictures Networks India (subsequently renamed Culver Max Entertainment) signed definitive agreements to merge the two entities to create an Indian broadcast giant, with Goenka to lead the merged entity as MD and CEO. The merger is pending approval from India’s National Company Law Tribunal.
Following the Sebi order, Indian media outlets have been speculating about what the intervention might mean for the proposed merger.
On June 12, Sebi barred Punit Goenka and Subhash Chandra, MD-ceo and chairman emeritus respectively, of media giant Zeel, from holding any managerial or directorial positions in listed companies. The suspension is while Sebi carries out investigations into allegations of insider trading.
Zee has challenged the Sebi order at the Securities Appellate Tribunal and the matter will be heard on June 26.
In 2021, Zeel and Sony Pictures Networks India (subsequently renamed Culver Max Entertainment) signed definitive agreements to merge the two entities to create an Indian broadcast giant, with Goenka to lead the merged entity as MD and CEO. The merger is pending approval from India’s National Company Law Tribunal.
Following the Sebi order, Indian media outlets have been speculating about what the intervention might mean for the proposed merger.
- 6/21/2023
- by Naman Ramachandran and Patrick Frater
- Variety Film + TV
India’s Securities and Exchange Board (Sebi) has barred Punit Goenka and Subhash Chandra, MD-ceo and chairman emeritus respectively, of media giant Zee Entertainment Enterprises (Zeel), from holding any managerial or directorial positions in listed companies.
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 Variety has obtained a copy, makes multiple reference to “siphoning” of funds.
“It was Zeel’s own funds which was rotated through multiple layers to finally end in Zeel’s account. The Noticees have attempted to ride piggyback on the success of Zeel, the flagship company of Essel Group, to bankroll the Associate Entities, which are owned and controlled by them,...
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 Variety has obtained a copy, makes multiple reference to “siphoning” of funds.
“It was Zeel’s own funds which was rotated through multiple layers to finally end in Zeel’s account. The Noticees have attempted to ride piggyback on the success of Zeel, the flagship company of Essel Group, to bankroll the Associate Entities, which are owned and controlled by them,...
- 6/13/2023
- by Naman Ramachandran and Patrick Frater
- Variety Film + TV
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