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.
After just over two years of high drama, Sony Pictures Networks India (now called Culver Max Entertainment) finally declared The End on its merger with Zee Entertainment Enterprises Ltd (ZEE) on 22 December 2021.
While promising to complete its investigation into Zee Entertainment Enterprises (ZEEL), market regulator Securities and Exchange Board of India (SEBI) barred Subhash Chandra and his son Punit Goenka, founder and promoters of the ZEE group, from holding any directorship or key managerial positions in four group companies.
By any reckoning, Subhash Chandra, best known as the high-profile founder of the Zee group (now chairman emeritus) is a maverick entrepreneur who pioneered several new businesses in India private television news, laminated packaging and giant theme parks. He also attempted to launch a private satellite communications network and a private cricket league!
According to Sebi, Chandra and Goenka 'alienated the assets of Zee' and other listed companies of Essel group for benefit of associate entities, which are owned and controlled by them