Subhash Chandra, chairman emeritus of Indian media giant Zee Entertainment Enterprises Ltd (ZEEL), has accused Madhabi Puri Buch, chair of regulator Securities and Exchange Board (SEBI) of scuppering the Sony-ZEEL merger.
In a press conference on Monday, Chandra alleged that Buch is “corrupt” and “vindictive” and that Zee’s issues with SEBI was the “main reason” that the merger fell apart.
In June 2023, SEBI barred ZEEL MD-CEO Punit Goenka and Chandra from holding any managerial or directorial positions in listed companies.
The suspension was while SEBI carried out investigations into allegations of insider trading. The SEBI notice made multiple reference to “siphoning” of funds.
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