Zee Entertainment Enterprises (ZEEL) MD and CEO Punit Goenka and chairman emeritus Subhash Chandra from holding any managerial or directorial positions in listed companies.
The suspension is while SEBI carries out investigations into allegations of insider trading. On Thursday, SEBI, which is set up to “protect the interests of investors in securities and to promote the development of and to regulate the securities market” issued an interim order naming Goenka and Chandra as “noticees.” The detailed 16-page notice, of which Variety has obtained a copy, makes multiple reference to “siphoning” of funds. “It was ZEEL’s own funds which was rotated through multiple layers to finally end in ZEEL’s account.
The Noticees have attempted to ride piggyback on the success of ZEEL, the flagship company of Essel Group, to bankroll the Associate Entities, which are owned and controlled by them,” the notice states. “The prima facie findings against the Noticees warrant a detailed investigation by SEBI to unravel the true and complete picture.
Accordingly, SEBI has initiated a detailed investigation in the matter, which is currently in progress,” the notice adds. “The intent behind the related party transactions was clearly not in the best interest of ZEEL.
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