In the latest update, Zee Entertainment has done a settlement with market regulator SEBI for Rs 7 lakh with respect to delayed disclosure to exchanges.
SEBI in its thorough examination found Zee Entertainment has made delayed disclosure in 5 instances. 54 days in 3 instances and 27 days in 2 instances to exchanges with respect to the pledged shares.
According to SEBI, Mr K Saravanan acted as the Adjudicating Officer (AO) in the case, who undertook proceedings and imposed necessary penalties on Zee Entertainment with respect to the violations it committed. Mr Parag Basu and Ms Asha Shetty also acted as AO in the case. Zee Entertainment was issued a show-cause notice on July 15 2022.
Authorized representatives of Zee Entertainment met with SEBI officials on January 10, 2023, and it was decided that Rs 7,00,000 will be a full and final settlement order that the firm has to bare.
The settlement with SEBI comes midst of a legal battle between Zee and the market regulator which barred Zee Entertainment’s chief Puneet Goenka to hold any key managerial positions in allegations to financial irregularities. The Securities Appellate Tribunal will be next hearing the case on June 26. Meanwhile, Sony which is said to go under a merger with Zee has issued its first statement in the case and said it takes SEBI’s interim order against Zee CEO and MD Puneet Goenka “Seriously” and would continue to monitor the developments.
