Mumbai: The Securities and Exchange Board of India (SEBI) has issued an interim ex-parte order against Dr. Subhash Chandra and Punit Goenka, restraining them from holding any key managerial position until further notice.
The order was passed on Monday, 12th June 2023, following investigations, which revealed that Chandra and Punit Goenka abused their position as directors of Zee Entertainment in 2019 by siphoning off funds for their own benefit.
Reacting to the situation, R. Gopalan, Chairman, Zee Entertainment Enterprises, issued an official statement in which he has stated that they are taking legal advise inorder to take the next step.
The statement issued by Gopalan read, “The Board of Directors of Zee Entertainment Enterprises Ltd. (ZEEL) has noted the interim ex-parte order issued by the Securities and Exchange Board of India (SEBI), with respect to Dr. Subhash Chandra and Mr. Punit Goenka.
“The Board is currently in the process of reviewing the detailed order, and appropriate legal advice is being sought in order to take the next steps as required.
“With a singular focus on enhancing the shareholder value year after year, the Board of the Company has continued to guide the management towards its strategic goals and priorities for the future. All the appropriate steps will be actioned as necessary, in order to ensure that the interest of the Company and all its valuable shareholders is kept at the forefront.
The Board recognizes the significant contribution made by Dr. Subhash Chandra as the founder of the Company and the growth and value generation centric leadership showcased by Mr. Punit Goenka. The Board is confident that the Company, will continue to achieve the set goals for the future and most above, create value for all stakeholders.”
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