Tag: Media

SEBI set to summon ZEE’s Punit Goenka, Subhash Chandra in funds siphoning case

The regulatory body’s investigation into Zee founders, primarily focusing on Subhash Chandra and Puneet Goenka, reportedly uncovered the potential diversion of approximately Rs 20 billion ($241 million) from the company. This figure is roughly ten times larger than SEBI's initial estimates, raising concerns about financial irregularities within Zee. (Image sourced via CNBC TV-18)

The regulator is also probing a wider array of transactions between Zee and private companies owned by promoters.

Zee case: SEBI probing two Mumbai-based production houses in funds siphoning case

In August 2023, SEBI passed an interim order against promoters Subhash Chandra and his son Punit Goenka, barring them from holding any directorships in listed companies, over allegations of funds siphoning. (Image source: Moneycontrol Hindi)

SEBI has also summoned former directors of Zee for questioning over alleged funds diversion, states a Moneycontrol report.

Zee-Sony merger: Will SEBI’s new revelations impact March 12 NCLT hearing?

After the deal was terminated in January, Zee apparently has reached out to the Sony executives to reconsider the termination and has also offered for talks this month.

While there is no confirmation from the regulatory body on reports alleging discrepancies to the tune of $241 million in Zee accounts, stakeholders wonder if it will have any bearing on the critical March 12 NCLT hearing.

Zee-Sony Saga: Can the terminated merger be revived? Or is it reopening Pandora’s box?

On April 16, ZEEL had said that it has decided to withdraw the merger implementation application filed before the NCLT, Mumbai bench against Sony.

Reports of a revival of merger talks between Zee and Sony prompted the former to issue a clarification that Zee was “not involved in any negotiations”. Now SEBI has unearthed fresh monetary discrepancies in ZEE’s dealings.

FM Radio ad revenue jumps 26 percent in 2022-23 to touch Rs 1547.13 crore: TRAI

Radio industry requested TRAI for subsidies, minimum costs for hardware upgradation, a phased transition, and the usage of existing spectrum to also do digital in a simulcast mode.

The reported advertisement revenues by the private FM Radio broadcasters have 3 3 increased from Rs 1227.15 crore in the year 2021-22 to Rs 1547.13 crore in the year 2022-23.