As part of its investigation into the founders of Zee Entertainment Enterprises Ltd (ZEEL), market regulator Securities and Exchange Board of India (SEBI) found that about Rs20bn (billion) or US$241mn (million) may have been diverted from the company, says a report quoting people familiar with the matter who did not want to be identified as the information is not public yet.
As part of its investigation into the founders of Zee Entertainment Enterprises Ltd (ZEEL), market regulator Securities and Exchange Board of India (SEBI) found that about Rs20bn (billion) or US$241mn (million) may have been diverted from the company, says a report quoting people familiar with the matter who did not want to be identified as the information is not public yet.
Subhash Chandra, founder chairman of the Essel group, wrote a letter to Union finance minister (FM) Nirmala Sitharaman, a week before Sony Group Corp called off the US$10bn (billion) merger between Culver Max Entertainment Pvt Ltd and Zee Entertainment Enterprises Ltd (ZEEL), says a report.
Securities and Exchange Board of India (SEBI) may have zeroed in on the role of Zee Entertainment Enterprises Ltd (ZEEL) s managing director and chief executive officer (MD&CEO) Punit Goenka in misuse of funds as key managerial personnel (KMP) in Essel group companies, and the investigation by the market regulator reveal Rs800 crore to Rs1,000 crore may have been siphoned as against its previous finding of Rs200 crore, says a report.
Sony views the allegations and investigation by the Securities and Exchange Board of India (Sebi) against Goenka as corporate governance issues and it wants to have its executive lead the merged entity