Sony Taking ‘Very Seriously’ Indian Regulator’s Order Barring Zee Top Management Ahead of Merger
variety.comZee Entertainment Enterprises (ZEEL) top brass from holding any managerial or directorial positions, Sony has responded. On June 12, SEBI barred Punit Goenka and Subhash Chandra, MD-CEO and chairman emeritus respectively, of media giant ZEEL, from holding any managerial or directorial positions in listed companies.
The suspension is while SEBI carries out investigations into allegations of insider trading. ZEE has challenged the SEBI order at the Securities Appellate Tribunal and the matter will be heard on June 26.
In 2021, ZEEL and Sony Pictures Networks India (subsequently renamed Culver Max Entertainment) signed definitive agreements to merge the two entities to create an Indian broadcast giant, with Goenka to lead the merged entity as MD and CEO.
The merger is pending approval from India’s National Company Law Tribunal. Following the SEBI order, Indian media outlets have speculating about what the intervention might mean for the proposed merger.
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