ED Questions Employees; SEBI Investigates Zee Entertainment and Essel Group Companies

25 Jan 2024 , 12:16 PM

The Essel Group Continental office in Mumbai was searched by the Enforcement Directorate (ED) on Wednesday, according to ET Now, which cited sources.

The company’s employees were also questioned by the ED.

By the time the initial claims surfaced, an official confirmation was awaited.

The capital markets regulator in India, the Securities and Exchange Board of India (SEBI), has been looking into Zee Entertainment and the Essel Group companies.

Zee Entertainment Enterprises Ltd. (ZEEL) announced earlier on January 24 that it has filed a complaint against Sony Pictures Network India’s termination of the merger agreement with the National Company Law Tribunal (NCLT) and the Singapore International Arbitration Centre (SIAC).

The media firm helmed by Punit Goenka said in a regulatory filing that the company has contacted the Mumbai branch of the NCLT, ‘seeking directions to implement the merger scheme.’

Sony terminated the proposed merger, which would have formed a $10 billion media company, by sending ZEEL a letter of termination on January 22.

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