 "Subhash Chandra, chairman emeritus, Zee Entertainment Enterprises, is being probed by Sebi for alleged fund diversion of over ~2,000 crore")
The Securities Appellate Tribunal (SAT) on Tuesday adjourned a hearing on a plea filed by Subhash Chandra, chairman emeritus of Zee Entertainment Enterprises, against the Securities and Exchange Board of India (Sebi) in the alleged fund diversion matter.
Chandra's counsel sought more time, to which Sebi's counsel objected. Chandra's legal team requested a later date from the tribunal, but Sebi's counsel asked the bench to consider this as the final extension, citing developments and allegations made by 73-year-old media baron.
The matter may now be heard later in September.
Chandra on Monday criticised Sebi chairperson Madhabi Puri Buch and accused the regulator of corruption. He alleged that a person called Manjit Singh, who was recommended to him by a bank chairperson, approached him in February to resolve all pending issues at Sebi for a “price”.
In August 2023, Sebi barred Chandra and his son Punit Goenka from holding key positions in four group firms. The regulator, in June 2023, had alleged fraudulent practices and fund diversion by promoters from Shirpur Gold Refinery, an Essel Group firm.
The father and son duo filed separate appeals seeking relief from the SAT.
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 "share market stock market trading")
 "Mankind pharma, Mankind medicines")
 "EV, Electric vehicle")
 "IPO, initial public offering")
Earlier in June, the Bombay High Court had directed Chandra to furnish the documents and information sought by the market regulator and to respond to the summons issued in the alleged fund diversion case. Chandra had filed a plea in the High Court against the summons issued by Sebi.
Sources said Sebi's investigation has revealed that the fund diversion from Zee is significantly greater than previously estimated. The regulator is in the process of issuing fresh show cause notices to Chandra and his son Punit Goenka in the matter.
The promoters of Zee have less than a 4 per cent stake in the company, while 96 per cent is publicly owned. The shares of Zee Entertainment declined by more than 3 per cent on Tuesday.
 "Ananth Narayan")
 "Sebi chairperson Madhabi Puri Buch")
 "SEBI")
 "investors retail coins stock market")
 "Pawan Khera")
