The amount flagged by SEBI was roughly 10 times higher than investigators had initially estimated, the Bloomberg report said. The amount calculated was not final and could be revised after SEBI reviewed responses from the company's executives, the report added.
Sources said during the one-month extension of the negotiation period, ZEEL had proposed an extension of a further six months for closing the transaction, even offering to discuss any other alternate closing timeline that Sony believed would be reasonable and achievable.
Subhash Chandra, Chairman Emeritus of Zee Entertainment Enterprises, has opened up about the company's future strategies following the termination of the Zee-Sony merger. He accused Sony of intentionally sabotaging a merger despite Zee's willingness to have its CEO Punit Goenka step aside. Subhash Chandra also spoke about the media company's plans regarding taking on debt and promoters' interest in increasing their stake., Companies News, Times Now
On Monday, the Securities Appellate Tribunal (SAT) revoked a prior regulatory prohibition on Punit Goenka, the managing director and CEO of Zee Entertainment Enterprises, from holding significant managerial roles in listed firms. This move potentially accelerates the intended merger between Zee and Culver Max Entertainment, the local subsidiary of Japan's Sony Group Corp. , Companies News, Times Now