The Securities and Exchange Board of India (Sebi) has submitted before the Bombay High Court that it will not be taking any further action on the summons issued to the Chairman Emeritus of Zee Entertainment Enterprises, Subash Chandra, in an alleged fund diversion case.
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Chandra had moved the court alleging that Sebi’s summons “indicated they had already been proved conclusively.”
According to the reports, the division bench has asked Sebi to submit its reply in two weeks of time. It has also posted the matter for further hearing on April 10.
Earlier, Sebi accused ZEEL for a Rs 2000 crore fund diversion. To which, ZEEL claimed the summons to be quashed.
