New Delhi: Dr. Subhash Chandra, founder of Zee Group, has leveled serious accusations against SEBI Chief Madhabi Puri Buch, alleging that she has been orchestrating a campaign to destabilize Zee Group through coordinated attacks leveraging her official position.
In a press conference, Dr. Chandra claimed that Buch was the mastermind behind allegations accusing him and his son, Punit Goenka, of siphoning off ₹200 crore from the organization. Dr. Chandra criticized Buch for not meeting with him to address these issues but instead offering to assist Punit Goenka under the condition that he would separate from his father. Punit Goenka reportedly rejected this offer, stating, “We are one blood and one family.”
Dr. Chandra also revealed that an intermediary named Manjit Singh had demanded huge sum to settle the dispute with Buch, an offer he refused to entertain. He denounced Buch as a “thief” engaged in a vendetta against Zee Group, citing recent disclosures from the Hindenburg report and ICICI revealing her alleged connections and transactions with Chanda Kochhar.
Furthermore, Dr. Chandra disclosed that he had written to the Finance Minister about Buch’s actions against the Zee-Sony merger, but received no response. He highlighted the SAT order, which restricted SEBI from taking coercive actions against ZEE.
Dr. Chandra urged journalists to investigate further and expose any additional wrongdoings, expressing hope that more issues will come to light in the coming days.
In response to a question about government action against the SEBI Chief, he explained that government actions will take time, as they will consider all aspects and facts before reacting.
When asked why he hadn’t revealed this earlier, he explained that initially he believed the SEBI Chief was incorruptible. However, recent revelations have exposed her as corrupt, prompting him to speak out.
Statement issued by Dr. Chandra at the Press Conference listed the following key points:
- “I was approached by a person named Manjit Singh on 17th February 2024, through reference of known person to assist/resolve issue at SEBI. I generally avoid such meetings, but I did meet him since he had reference of a known person. The said person promised that the work will be done through Madhabi Puri Buch and her husband and all issues of SEBI will be resolved for a price. I did not believe the same but he said that “Since you have resolved debt repayments of more than Rs. 30,000 crore, a three digit payment won’t hurt you”. I did not still believe the same.”
- “However on looking at the latest Hindenburg and ICICI bank revelations against Madhabi Puri Buch and her connected persons, it seems that the person who approached me may have been right. May be this was the modus operandi in various cases, which have got settled/adjudicated through compounding with light touch.”
- “I am also convinced that SEBI Chairperson is corrupt since she and her husband whose combined income was around Rs. 1 crore per annum, before she assumed the position at SEBI, has now gone upto Rs. 40-50 crore per annum. This needs to be investigated by media and investigating agencies, including analysis of the settled/compounded cases and the consultation fees paid by such Corporates and received by SEBI Chairperson and her connected persons. These are many ways she and her husband extort money from corporates and stock market corrupt operators and fund managers.”
- “I have been informed that if one gets an access to the communications and messages between connected persons like Chanda Kochhar and Madhabi Puri Buch, their modus operandi will be out in open. It was Chanda Kochhar and her husband; and Madhabi Puri Buch and her husband; working in tandem, hence Madhabi Puri Buch was paid hefty sums of money by ICICI while she was the Whole Time Member at SEBI.”
- “I have been receiving messages from Editors that only because Zee Business and other Zee Media channels are making transparent and continued coverage on SEBI Chairperson, it will have an adverse impact on the promoters and publishers of Zee channels. According to them, SEBI Chairperson has also been equally vocal about the same in their various internal meetings.”
- “In Bombay HC proceedings, I got access to an internal email of SEBI, wherein Investigating OZicer wrote to his team members, within few hours of receiving detailed response from Zee. The email said, “Analyse the reply in detail. This would be the primary defence of the Company and its promoters on all allegations against them. We need to shred their contentions”. As if there are standing instructions from Madhabi Puri Buch to go after Subhash Chandra and his family.”
- “SEBI has not been acting in the interest of investors of ZEE Entertainment. ZEE Sony merger was progressing well and they had got SEBI/ Stock exchange approval. Despite the same, SEBI instructed BSE/NSE to intervene in NCLT proceedings and scuttle the merger by spooking Sony. Ultimately the merger was terminated by Sony which resulted in erosion of huge wealth of minority shareholders.”
- “In view of the above, I have taken a decision not to co-operate with SEBI any further in my personal capacity. They do not command any respect from me. I urge Zee Entertainment to also stop co-operating with SEBI any further; since it is a biased investigation being carried out; with a pre-conceived mindset of SEBI Chairperson.”
