SEBI Says It Sees Significant Red Flags in Transactions between Zee and Essel Entities
IANS 14 September 2023
In a significant move, market regulator, the Securites and Exchange Board of India (SEBI) on Wednesday reiterated vehemently before the securities appellate tribunal (SAT) that it sees many vital and notable red flags in the transactions between Zee and Essel entities.
 
The vile plan was to round-trip Zee's own money back into the company through entities to pay back the debt of Essel entities, the SEBI counsel argued, adding that the transactions between Zee and Essel entities can't be genuine or a coincidence.
 
The case pertains to Punit Goenka, the former Zee Entertainment Enterprises Ltd boss, moving SAT to seek a stay on the SEBI order barring him from holding key positions within four Zee group firms and in the merged entity of Zee Entertainment Enterprises Ltd (ZEEL) and Sony Pictures Networks India.
 
The SEBI order has alleged that Goenka and his father, Subhash Chandra, former chairman of ZEEL, abused their positions as directors and key managerial personnel (KMP) of a listed company by siphoning off funds for their own pecuniary benefit.
 
Mr Goenka's move to challenge SEBI's confirmatory order came in response to its decision on 14th August, according to which the father-son duo has been prohibited from holding positions as directors or KMP in at least four Zee group companies as well as in the merged entity of ZEEL and Sony Pictures Networks India, until further directions from the regulator.
 
The regulator added before SAT that Zee must present concrete evidence to show that its transactions with Essel entities were genuine and that seven Essel entities in question in the case are controlled by Zee Entertainment's KMP.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
Comments
iaminprabhu
2 weeks ago
Zee Essel Group, is known to have several DOZENS of companies since last 30 + years & these Father Son duo with their close ones must surely be taking everyone for a ride which ne3ds deep through investigations.

SEBI & Govt. Authorities should not let go scot free these people & bring them to justice with publishing facts.
Heera Gold, Still under Investigation and Litigation Attempts a Comeback with Digital Gold
Sucheta Dalal, 15 September 2023
Heera Gold, the ‘halal investment’ opportunity that was described as a ‘Ponzi-like’ scheme by the capital market regulator, is back at its old game of luring people with the promise of high returns. This time, the company and its...
SEBI Restrains Brickwork Ratings' Founding Members from Being Part of Ratings Process, Ban on Onboarding New Clients To Continue
Moneylife Digital Team 14 September 2023
Market regulator Securities and Exchange Board of India (SEBI), while directing the appointment of independent directors and one of them as chairperson, has restrained members of the founding management of Brickwork Ratings India...
SEBI Imposes Rs21.5 Lakh Penalty on Reliance Home Finance, Top Executives for Non-disclosures, Concealing Adverse Information in Forensic Audit
Moneylife Digital Team 13 September 2023
Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs21.5 lakh on Reliance Home Finance Ltd (RHFL), the company's chief executive officer Ravindra Sudhalkar, compliance officer Parul Jain and...
Pinnacle Market Investment Advisory’s Registration Suspended for 3 Years
Moneylife Digital Team 13 September 2023
Market regulator Securities and Exchange Board of India (SEBI) has suspended the registration of Indore-based Pinnacle Market Investment Advisory Pvt Ltd (PMIA) for three years for violating various rules and regulations for...
Free Helpline
Legal Credit
Feedback