sebi:Order/AK/GN/2024-25/31100-31102

SEBI · SEBI · 2021-10-28 · Amit Kapoor, Adjudicating Officer

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Facts / Headnote

Proceedings dropped; SCN dated July 06, 2022 withdrawn

Provisions invoked

• s. 11B
• s. 15
• s. 15H
• s. 23
• s. 23E

Regulations

• Reg. 4(2)(f)

Parties

• Zee Entertainment Enterprises Limited
• Mr. Subhash Chandra
• Mr. Punit Goenka

Holding

The Adjudicating Officer dropped the adjudication proceedings against the Noticees and withdrew the Show Cause Notice dated July 06, 2022, as the matter was subsumed into a further investigation by SEBI to be proceeded against under Section 11B of the SEBI Act, 1992.

Full text

Adjudication Order in the matter of Zee Entertainment Enterprises Limited Page 2 of 3 ii. under Section 15HB of the SEBI Act, 1992 against Mr. Subhash Chandra Director, Ex- Chairman of ZEEL (hereinafter referred to as “Noticee 2”) and Mr Punit Goenka, Executive Director, CEO and MD of ZEEL (hereinafter referred to as “Noticee 3”) for the alleged violations of provisions of Regulation 4(2)(f) sub regulations (i) (1) & (2), (ii)(6), (iii)(3), (iii)(6) of LODR Regulations.

Adjudication Order in the matter of Zee Entertainment Enterprises Limited Page 3 of 3 4. Subsequently, Noticee 1 and Noticee 3 filed settlement applications to settle the adjudication proceedings. The panel of Whole Time Members of SEBI rejected the settlement applications and also referred the matter to SEBI for further investigation. In this regard, it has been observed that subsequent to completion of investigation in the instant matter, it has been decided by the Competent Authority to proceed against the Noticees under Section 11B of SEBI Act 1992. Further, the following has also been approved by the Competent Authority; a) The allegations in the SCN dated July 06, 2022 issued by AO are to be subsumed with the findings of the further investigation carried out by SEBI in the instant matter. Accordingly, the content of the SCN dated July 06, 2022 issued by the AO including the examination report and all the relied upon documents will be treated as integral part of the further investigation report by SEBI in the matter of ZEEL. b) The contents of the SCN dated July 06, 2022 issued by AO to Noticees will also be incorporated in the SCN to be issued in the instant matter. c) The instant AO proceedings would be dropped against the Noticees.

APPOINTMENT OF ADJUDICATING OFFICER 2. SEBI, in exercise of powers conferred u/s 19 r/w Section 15-I(1) of the SEBI Act and Rule 3 of the SEBI (Procedure For Holding Inquiry And Imposing Penalties) Rules, 1995 (hereinafter referred to as “Adjudication Rules, 1995”), and Section 23- I(1) of the SCRA and Rule 3 of the Securities Contracts (Regulations) (Procedure For Holding Inquiry And Imposing Penalties) Rules, 2005 (hereinafter referred to as “Adjudication Rules, 2005”) appointed Mr. Parag Basu as the Adjudicating Officer (AO), vide communique dated October 28, 2021. Subsequently, the matter was re-assigned due to transfer of appointed AOs and vide communique dated December 27, 2024, the undersigned was appointed as Adjudicating Officer in the matter.

Source: SecMarx — sebi:Order/AK/GN/2024-25/31100-31102. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.