Essel Group chairman Subhash Chandra wrote to Finance Minister Nirmala Sitharaman last week on January 16.
According to CNBC TV 18, just about a week before the extended deadline of the $10 billion merger with Sony on January 21, Chandra wrote to Sitharaman seeking intervention.
In the letter, Chandra alleged that hasty steps are being taken in the merger process and the SEBI investigations do not bother him as much as the timing of the new notice.
“I am not suggesting that SEBI should not investigate if they have doubts of any kind,” the letter said. Chandra highlighted that the latest notice does not introduce any element that is not already documented in the company’s records, all of which have already been submitted to SEBI.
“That said, if the mentioned parties continue to influence the investigation, especially by SEBI, it will lead to a huge financial loss for minority shareholders of ZEE,” he wrote in his letter.
“SEBI has been acting with a predetermined mind, which is evident in the order passed by the appellate court, Justice Tarun Agarwalla, on October 30, 2023,” the letter read.
The Securities Appellate Tribunal (SAT) had overturned SEBI’s order which had barred both Subhash Chandra and Punit Goenka from holding any key managerial positions in Zee Entertainment, till investigations were completed.