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The Securities & Exchange Board of India (Sebi) argued its action was not based on any prejudice towards Chandra and Goenka, but a necessary step against the promoters of Zee Entertainment Enterprises Ltd to protect investors and other stakeholders.
ZEEL was under the scanner of the Securities and Exchange Board of India (Sebi) for alleged delay in disclosing invocation of pledged shares during the period January 1, 2019 to December 26, 2019.
The merger between ZEE and Sony will go ahead regardless of CEO Punit Goenka's position, as it will benefit 96% of the company's shareholders. Sony remains committed to the December 2023 contractual deadline, though a September merger had been previously proposed. The companies are currently at an advanced stage of integration, but regulations and non-compete agreements remain obstacles.
Best Media Info: In case Goenka does not get relief at the Securities and Appellate Tribunal (SAT), the merger will go through without him with a Sony representative as CEO, Karan Taurani, SVP- Research Analyst (Media| Television News
Sony Pictures Entertainment on Wednesday said it took the India markets regulator's order banning Zee Entertainment founder and chief executive officer from holding board positions "seriously" and will continue to monitor developments that may affect its deal with Zee.