 "Zee MD & CEO Punit Goenka")
The Securities and Exchange Board of India (Sebi) on Thursday rejected a settlement application filed by Zee Entertainment Enterprises (ZEEL) and its chief executive officer Punit Goenka in the alleged violations of the Listing Obligations and Disclosure Requirements (LODR) regulations.
The market regulator also broadened the scope of investigations involving the media firm’s former chairperson Subhash Chandra.
In its adjudication order, it pointed out that Zee and Goenka had filed a settlement application for alleged violations of LODR regulations. Sebi issued a show-cause notice in the matter in July 2022.
“The panel of Whole Time Members of Sebi rejected the settlement applications and also referred the matter to Sebi for further investigation. It has been observed that subsequent to completion of investigation in the instant matter, it has been decided by the Competent Authority to proceed against the noticees under Section 11B of SEBI Act 1992,” read the Sebi order.
The regulator has highlighted that the allegations in the July 2022 show-cause notice will be subsumed with the findings of the new Sebi investigation. It added that the examination report and all other documents relied upon will be treated as an integral part of the further investigation and the earlier show-cause notice will be incorporated in the notices to be issued in the matter.
In an order in August 2023, Sebi barred Chandra and his son Goenka from holding key positions in four group firms. In June 2023, it also alleged fraudulent practices and fund diversion by promoters from Shirpur Gold Refinery, an Essel Group firm.
Sebi action against the founders scuttled the $10 billion merger between Zee and Japan’s Sony’s India unit. The markets regulator is investigating the alleged fund diversion by Chandra and his son Punit. The initial order pertains to a letter of comfort (LoC) granted to the tune of Rs 2,000 crore. However, Sebi had submitted before the Securities Appellate Tribunal (SAT) that more LOCs were under scrutiny, including one to the tune of Rs 4,210 crore issued by Chandra in his capacity as the chairman of Essel Group. The SAT had granted relief to Goenka on the debarment.
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