SEBI Bars Subhash Chandra and Punit Goenka From Key Managerial Positions
The Securities and Exchange Board of India (SEBI) has taken strict action against Essel Group Chairman Subhash Chandra and Zee Entertainment Ltd MD and CEO Punit Goenka. They have been barred from holding any key managerial positions in any listed company due to their involvement in the money transfer case of Zee Entertainment Company. The company’s shares fell after the announcement.
Key Details:
– SEBI has found Subhash Chandra and Punit Goenka guilty of abusing their position by diverting company funds to other firms for personal gains.
– The interim order stated that Zee Entertainment’s funds were diverted to 13 firms in two days.
– The share price of Zee Entertainment declined from Rs. 600 in 2018-2019 to around Rs. 200 in 2022-2023, despite the company being in profit.
– The promoters’ shareholding in Zee Entertainment declined from 41.62% to 3.99% during this period.
– SEBI has prohibited Chandra and Goenka from holding any directorship or key managerial position in any listed company or its subsidiary until further orders.
The shares of Zee Entertainment opened with a significant fall and later showed some improvement. The stock broke up to Rs. 182 but later came down to the level of Rs. 193. SEBI’s strict decision has come as a major blow to Subhash Chandra and Punit Goenka, who have been removed from key managerial positions due to their involvement in diverting company funds.
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