Subhash Chandra, Son barred from ZEE-Sony director roles
The Securities and Exchange Board of India (SEBI) on Monday announced that Subhash Chandra, the founder of Essel Group, along with his son Punit Goenka, will be ineligible to assume directorial roles within group enterprises, including Zee Entertainment Enterprises, Zee Media Corp, and the proposed merger of Zee-Sony. This restriction will remain in effect until the conclusion of the regulatory inquiry.
SEBI is currently conducting an investigation into the alleged misallocation of funds involving the two individuals. The examination is projected to be finalized over a span of eight months.
Originally issued on June 12 and subsequently adjusted on August 14, the directive prohibiting their directorial appointments in any publicly listed firm has been enacted.
Madhabi Puri Buch, the Chairperson of SEBI, has endorsed the extensive 91-page edict. This resolution is anticipated to exert an influence on Punit Goenka's engagement in the amalgamated Zee-Sony venture, which gained the approval of NLCT in the previous week.