Year-ender 2023: This tug-of-war between the bulls and the bears on Dalal Street was influenced by a zillion factors that unfolded during the course of the year. In this special year-ender 2023 section, ETMarkets has tried and wrapped all of those events. So, lets do a recap of all of those movers and shakers on D-Street.
The Securities and Exchange Board of India (SEBI) is considering appealing to the Supreme Court against the Securities Appellate Tribunal s recent decision to lift the ban on Zee Entertainment s CEO, Punit Goenka, from serving on the boards of listed companies for a year. SEBI had imposed this ban due to allegations of fund misappropriation by Goenka and Essel Group Chairman Subhash Chandra Goenka.
The Securities Appellate Tribunal has overturned the decision made by SEBI, which had imposed a one-year ban on Zee Entertainment s CEO, Punit Goenka, preventing him from serving on the boards of listed companies. This likely paves the way for the completion of the merger between Zee-Sony, creating a $10 billion media entity in the country.
In an interim order, the Securities and Exchange Board of India (SEBI) in June restrained Essel Group Chairman Subhash Chandra Goenka and Goenka from board seats in any entity formed through the merger or amalgamation of the four Zee group companies. SEBIs investigations showed that Chandra and Goenka abused their position as directors of Zee Entertainment in 2019 by siphoning off funds for their own benefit.