MUMBAI: Zee founder Subhash Chandra accused Sebi chief Madhabi Puri Buch of corrupt practices when his media and different corporations got here beneath regulatory scanner, a cost that was rebutted by sources within the regulatory physique. Chandra stated on Feb 17, he was approached by one Manjit Singh who promised that each one his points with Sebi might be settled and claimed that he was keen to substantiate the allegations.
Whereas Sebi did not reply to Chandra’s costs, sources stated the allegations are malicious in nature. The final order towards Zee was from the chairperson solely the place the preliminary quantity of funds that was discovered to have been diverted was Rs 200 crore. “The ultimate determine may very well be a lot increased,” a supply stated.
Final yr, Sebi had accused Zee of diverting funds by means of associated celebration transactions. Chandra had contested the claims earlier than Securities Appellate Tribunal (SAT). Sebi then advised SAT that it’s conducting a wider probe on the matter and can move a closing order to that impact.
Whereas alleging irregularities and elevating questions over Puri Buch’s earnings, Chandra sought a probe into instances that had been settled or compounded by Sebi. He stated he’ll transfer court docket to hunt her elimination from the chair.
He blamed Puri Buch for collapse of his firm’s proposed merger with Sony Footage Networks India. The Zee-Sony deal had hit a regulatory roadblock following Sebi’s probe. The regulator had banned Chandra’s son Punit Goenka from holding any place in any listed firm. Though the ban was overturned, the Japanese firm needed its individual to helm the merged entity as an alternative of Punit.
Chandra stated through the proceedings within the Bombay HC he acquired entry to a Sebi e-mail which the investigating officer had written to his staff inside a number of hours of receiving an in depth response from Zee. The media mogul stated he is not going to cooperate with Sebi within the ongoing probe.
