India's market regulator bars Zee's Goenka and Chandra from four group companies

Zee Media

14/08/2023 16:50

Aug 14 (Reuters) - India's market regulator on Monday
barred Zee Entertainment's  ZEE.NS  Subhash Chandra and Punit
Goenka from the boardrooms of four Zee Group companies including
Zee Entertainment Ltd (ZEEL), according to an order published on
the regulator's website. 
    The other three Zee group companies include - Zee Media
Corporation, Zee Media Corp and Zee Aakash News. 
    According to Securities and Exchange Board of India (SEBI)
Chandra and Goenka cannot be directors in any entity which is
formed after merger, amalgamation of the four companies. 
    Thereby impacting Goenka's directorship post merger of Zee
and Sony.
    This is a slight variation of its previous order where SEBI
had barred the duo from company boards. 
    In the order, Madhabi Puri Buch, chairperson, SEBI said that
Goenka's conduct as Managing Director and Chief Executive
Officer of ZEEL was found to in violation of norms to prevent
fraud.
    "His actions were in direct conflict with the interests of
96% public shareholders of ZEEL, necessitating imposition of
temporary restraint on him," said Buch.  

 (Reporting by Jayshree P Upadhyay; editing by David Evans)
 ((Jayshree.Pyasi@thomsonreuters.com; 9920092491; Reuters
Messaging: Twitter: @jaysh88))