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Sebi took action against Essel Group Chairman Subhash Chandra and Punit Goenka last week, alleging that the Rs 200 crore repaid to Zee by seven borrowing entities actually originated from Zee and the company did not receive any funds
ZEE Entertainment and Sony Picture Networks India had in December 2021 announced a definitive agreement for merger, which was largely similar to the non-binding agreement signed in September 2021.
The stock quoted its lowest level since September 2021, with over three-fold jumped in average trading volumes
The matter had first come up for hearing in SAT on June 15, and the tribunal had asked Sebi to file a reply in the matter before the appellant before 2 pm on June 18.
On June 15, SAT had directed them to respond to Sebi's submission on or before June 19, when the tribunal would take up the matter for final disposition.