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The Securities and Exchange Board of India has found a discrepancy of more than 20 billion rupees in the accounts of Zee Entertainment Enterprises, Bloomberg News reported on Wednesday, citing...
Zee Entertainment Enterprises Ltd (ZEEL) is seeking rapprochement with Sony Group as it makes a last-ditch effort to resurrect a $10 billion merger, according to industry sources. After the Japanese multinational firm pulled the plug on its $10 billion merger deal in January, the Indian company reached out again to Sony to reconsider the termination and offered for talks this month, a source said. On the other hand, Sony is understood to be evaluating the proposal from Zee.
As part of its investigation into the Zee founders, the Securities and Exchange Board of India, or Sebi, found that about 20 billion rupees ($241 million) may have been diverted from the company, said people familiar with the matter who did not want to be identified as the information is not public yet. Thats roughly ten times more than initially estimated by Sebi investigators, the people said.
While upholding orders passed by fora below, the national consumer disputes redressal commission (NCDRC) directed Latur, Maharashtra-based Dhanalaxmi Nagari Sahakari Patsanstha Ltd to pay the entire dues under the double money scheme to two depositors.
Subhash Chandra Garg, during whose tenure as the economic affairs secretary the electoral bonds scheme was notified, was initially apprehensive about it. However, he concluded that it helped in cleaning up cash financing of elections and