SEBI bars Zee promoters from holding directorial positions in ZEE-Sony merged entity
The modified order said that Subhash Chandra and his son Punit Goenka cannot hold director roles in group companies till the investigation by SEBI is concluded
The Securities and Exchange Board of India (SEBI) on Monday said that Essel Group founder Subhash Chandra and his son Punit Goenka cannot hold director positions in group companies, including Zee Entertainment Enterprises, Zee Media Corp and the proposed Zee-Sony merger until the investigation by the regulator ends.
The two are being investigated by SEBI for alleged fund diversion. The probe will reportedly be completed in eight months.
The order barring the two from being directors in any listed company was originally passed on June 12 and was modified on August 14.
Sebi chairperson Madhabi Puri Buch signed the 91-page order, which now stands to impact Punit Goenka's role in the Zee-Sony merged entity, which was approved by NLCT last week.
