The mystery surrounding the alleged fund diversion from Zee Entertainment Enterprises (Zee) by founders Subhash Chandra and Punit Goenka has thickened with speculations of an amount multiple times higher than that cited by the ex-parte interim order passed by the Securities and Exchange Board of India (Sebi) dated June 12, 2023.
While Zee shares witnessed a fresh selloff on Wednesday, news reports of accounting fraud left investors guessing about the hole in the media broadcaster s books.
An order by the Securities Appellate Tribunal (SAT) in October 2023 had clearly hinted that Sebi s investigation had found a deeper rout.
Zeus Maia Media unveils its new identity and expansion plan indiantelevision.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiantelevision.com Daily Mail and Mail on Sunday newspapers.
Chandra not cooperating, Sebi tells SAT financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
The Ministry of Corporate Affairs (MCA), which is investigating Zee Entertainment Enterprises Ltd (ZEEL) over alleged corporate governance violations, has written to the Securities and Exchange Board of India (Sebi) seeking details on its latest findings on fund diversion that have been cited in media reports, said people aware of the matter.
The ministry s preliminary probe had found appropriation of ZEEL s fixed deposits (FDs) by Yes Bank, for squaring off loans of related entities of Essel Group. ZEEL is part of the Essel Group promoted by Subhash Chandra and his family.