The order followed an investigation, which found the two had abused their board positions in Zee by “siphoning off funds for their own benefit.
The matter pertains to a Letter of Comfort (LoC) granted by Chandra in September 2018 towards credit facilities taken by certain group companies from YES Bank. The credit amounted to Rs 200 crore.
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The development could delay Zee’s proposed merger with Sony Pictures Networks India (SPNI). Furthermore, Sebi order also means Goenka may not be able to hold a senior role in the Zee-Sony merged entity, ICICI Securities said in a note.
At 09:30 am; ZEE was quoting 5 per cent lower at Rs 185.85, as compared to a 0.5 per cent rise in the S&P BSE Sensex. The stock had hit a 52-week low of Rs 175.80 on May 26, 2023. A combined 11.9 million shares changed hands on the NSE and BSE.
First Published: Jun 13 2023 | 9:46 AM IST