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As part of its ongoing investigation against key management personnel of Zee Entertainment Enterprises Ltd (ZEEL), including CEO and MD Punit Goenka, SEBI has questioned some former directors regarding their steps to protect minority shareholder rights amid the failed Sony merger.
Sony-Zee deal, which won approval from regulators in August, would have created a USD 10 billion entertainment behemoth in which Sony was supposed to own a 50.86 per cent stake, with Goenka's family owning 3.99 per cent.
The newly launched app is set to show news updates from every village in India, Dr Chandra said during the launch. He said that anyone nationwide can contribute to this app and become a journalist by providing hyper-local news from their villages or towns.
The brokerage also sharply slashed its price target for the stock by 34 percent to Rs 198 in anticipation of a slump in Zee's valuation post the cancellation of the mega merger.
With the merger terminated, Zee's valuation will likely decline to 12x PE levels (Aug-21) seen prior to the merger announcement, , ZEE-SONY Merger, zeel