Associate Entities News Today

The interests of entities, Subhash Chandra and Punit Goenka are factually in direct conflict with the interests of the public shareholders and the company, an order by SEBI Chairman Madhabi Puri Buch on Monday noted.As prima facie found, the ...

The two have been barred from holding Board and KMP positions in ZEEL and associated companies, versus the ban from holding such positions in any listed companies

The Securities and Exchange Board of India's (Sebi) had restrained the duo on June 12 from holding any managerial or directorship position in listed entities on account of alleged fund diversion. 

Zee founder Subhash Chandra and his son Punit Goenka used an intricate web of entities to fake recovery of loans and siphoned off funds "for their own benefit", markets regulator Securities And Exchange Board Of India (SEBI) has alleged.

ZEEL shares: Two independent directors of ZEEL resigned in November 2019 after raising concerns over appropriation of certain fixed deposit of ZEEL by YES Bank for squaring off loans of related entities of Essel group.

Subhash Chandra was the Chairman of Essel Group, including ZEEL at the relevant time when a LoC was issued by him to Yes Bank

In an interim order passed on 12 June, Sebi stated, “The Noticees (Chandra and Goenka) shall cease to hold the position of a director or a Key Managerial Personnel in any listed company or its subsidiaries until further orders.” The order is to be read with the interim order dated 25 April, 2023 passed in the matter of Shirpur Gold Refinery, , subhash chandra, punit goenka, zee entertainment enterprises, sebi

According to Sebi, at least Rs 143.90 crore was transferred from Zee Entertainment Enterprises or other listed firms of Essel Group to falsely portray repayment of dues to Zee Entertainment

The market regulator has passed an interim order after finding that funds were siphoned off from listed entity,

Essel Groups Subhash Chandra & ZEE CEO Punit Goenka have been banned by Sebi from holding any director or KMP position in any listed company or its subsidiaries till further notice for siphoning funds from ZEEL. ZEEL has been asked to place this order before its board within 7 days.