The Ministry of Corporate Affairs (MCA) is currently examining the alleged irregularities in Zee Entertainment Enterprises, as reported by the market regulator SEBI, according to a report by ET Now. However, Zee Entertainment Enterprises has not yet been notified of any investigation by the MCA, as stated by a source quoted by news agency Reuters.
The MCA has taken note of SEBI’s interim order, which accuses the company of fraudulent accounting practices and misappropriation of funds. The ministry is now investigating potential violations of corporate governance, sources reveal. However, the MCA has not yet authorized a formal inspection order.
In its interim order issued on June 12, SEBI has disallowed Subhas Chandra and ZEEL MD Punit Goenka from holding directorial or key managerial positions in any listed company, due to embezzlement allegations. Both Chandra and Goenka have appealed the SEBI order to the Securities Appellate Tribunal (SAT), citing unfair treatment.
Goenka has reportedly informed employees that the merger between ZEE Entertainment and Sony is nearing completion, despite the ongoing issues with SEBI. He emphasizes that these conflicts should not hinder the company’s progress.
In light of the restrictions imposed by SAT, Goenka has appointed an interim committee of senior executives to ensure the smooth day-to-day operations of ZEEL. He reminds employees that the merger has been approved by the Competition Commission of India (CCI), Bombay Stock Exchange (BSE), National Stock Exchange (NSE), and the company’s shareholders. Goenka reassures everyone that the merger is in the best interest of all stakeholders and remains his top priority.
(Source: Agency)
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Basant Kasayap is an entertainment aficionado who delves into the glitz and glamour of the entertainment industry. From Hollywood to Bollywood to regional cinema, she offers readers an insider’s perspective on the world of movies, music, and pop culture.
