SEBI Rejects Zee Settlement, Orders Further Probe

3 Jan 2025 , 01:19 PM

On Thursday, January 2, the Securities and Exchange Board of India (SEBI), the market watchdog, rejected settlement requests made by Punit Goenka and Zee Entertainment Enterprises (ZEEL) and forwarded the case for additional research.

SEBI dismissed show-cause notices against Zee, Subhash Chandra, and his son Punit Goenka for suspected violations of SEBI regulations in a three-page order on Thursday. The order also ordered that the show-cause notices’ contents be combined with the investigation’s larger scope.

Goenka is the company’s Executive Director, CEO, and MD, while Chandra is a Director and past Chairman.

“The conclusions of the further investigation conducted by SEBI in the current case are to be incorporated into the claims in the SCN dated July 06, 2022, issued by AO. As a result, the SEBI decision stated that the content of the SCN dated July 06, 2022, which was issued by the AO, including the examination report and all the documents that were relied upon, would be considered an essential component of the report on further investigation.

Under Section 23E of the Securities Contracts (Regulation) Act, 1956, Zee Entertainment Enterprises was the target of an adjudication procedure.

On October 28, 2021, SEBI named Parag Basu as the Adjudicating Officer (AO); nevertheless, on December 27, 2024, AO Amit Kapoor was given the case again.

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