Key Points
MUMBAI: The stock market regulator, as part of an ongoing investigation against Zee Entertainment Enterprises Ltd (ZEEL) leadership, namely its managing director and CEO Punit Goenka, has questioned at least two of the firms erstwhile directors about steps they took to protect minority shareholder rights, people aware of the development said...
Last August, the Sony-Zee deal hit a hurdle after Sebi banned Goenka and his father Subhash Chandra from the board of any listed company for a year, for allegedly diverting funds from Zee and the groups other listed entities to founding shareholders..
A number of domestic and overseas institutional shareholders in ZEEL are also in discussions backchannel to coordinate on future course of action, multiple people involved in the discussions said..
Key domestic shareholders include ICICI Prudential Value Discovery Fund that owns 7.25% stake, Nippon Life India with 6.12%, HDFC Asset Management with 5.25%, and HDFC Life Insurance with a 1.85% stake...
People close to Sony said the multinational had offered Goenka the role of advisor at the new company, but said he should not be on the board pending regulatory investigations...
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