ZEE Chairman Subhash Chandra accuses SEBI for failed merger with Sony
Subhash Chandra, Chairman of ZEE Entertainment Enterprises Limited (ZEEL), has accused SEBI Chairperson Madhabi Puri Buch of deliberately obstructing the proposed merger between Sony Pictures Networks India and ZEEL.
In a press conference on Monday, Chandra labeled Buch as “corrupt” and “vindictive,” claiming her actions were the main reason for the merger’s collapse.
In June 2023, SEBI barred ZEEL’s MD-CEO, Punit Goenka, and Chandra from holding managerial positions in listed companies due to allegations of insider trading and the “siphoning” of funds. However, the Securities and Appellate Tribunal (SAT) overturned SEBI’s order in November, which Chandra cited as evidence of bias against ZEEL.
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The Sony-ZEEL merger, which was called off in January 2024, was initially seen as a transformative deal for the Indian media industry.
