sebi:WTM/ASB/CFID/CFID_4/27348/2023-24
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Facts / Headnote
Interim directions issued restraining the Noticees from holding director/KMP positions pending investigation
Provisions invoked
- s. 19
Regulations
- Reg. 4(2)(f)
- Reg. 4(2)(f)(i)
Parties
- Mr. Subhash Chandra
- Mr. Punit Goenka
Holding
Pending completion of investigation, Mr. Subhash Chandra and Mr. Punit Goenka shall cease to hold the position of a director or a Key Managerial Personnel in any listed company or its subsidiaries until further orders, and ZEEL shall place the Order before its Board within 7 days.
Full text
Interim Order in the matter of Zee Entertainment Enterprises Ltd. Page 2 of 16 and outstanding and that in the event of default under the said facility, you may appropriate the fixed deposit towards repayment of the said Facility.”
Interim Order in the matter of Zee Entertainment Enterprises Ltd. Page 3 of 16 4(2)(f)(ii)(6) and 4(2)(f)(iii)(3)&(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations, 2015). Further, since it was found inter alia that Letters of Comfort were issued by Mr. Subhash Chandra and Mr. Punit Goenka to Yes Bank and RBL Bank without informing the Board of ZEEL, SEBI also issued Advisory Letter dated June 17, 2021 to the Company.
Interim Order in the matter of Zee Entertainment Enterprises Ltd. Page 4 of 16 received Rs.200 Crore from the abovementioned seven Associate Entities of the promoters, major portion of the said funds had originated from either ZEEL itself or listed companies of the Essel Group, which after passing through several layers, reached the accounts of the Associate Entities from where it ultimately landed in ZEEL’s account. The funds had followed a circuitous route where funds originated from ZEEL/listed companies of Essel Group, passed through various entities owned or controlled by Promoter Family and ultimately ended up with ZEEL.
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Source: SecMarx — sebi:WTM/ASB/CFID/CFID_4/27348/2023-24. 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.