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Goenka and his father Subhash Chandra were prohibited from having any significant managerial positions in any listed firms by a SEBI decision that was issued on June 12 due to suspicions of fund siphoning.
SEBI took action against Chandra and Goenka for alleged mishandling of Zee limited funds which was challenged by the individuals in the tribunal citing the absence of a show cause notice and violation of principal of natural justice.
In 1992, Subash Chandra inaugurated the first-ever satellite TV in India named Zee TV. On November 25, 2019, the billionaire had to withstand SEBI restrictions and renounce his chairmanship of the corporation he established - Zee Entertainment Enterprises after consenting to his percentages. Nonetheless, he begins again to be correlated with the business as a non-executive director.
He said that referring to the letter he would like to publicly apologise to him and his family, he would like to settle the dues before the end of the 2021 fiscal year.