Key Points
The Securities Appellate Tribunal on Monday set aside market regulator SEBI's order barring Zee Entertainment's CEO Punit Goenka from the boardrooms of listed companies for a year, news agency Reuters reported...
In an interim order, the Securities and Exchange Board of India (SEBI) in June restrained Essel Group Chairman Subhash Chandra Goenka and Goenka from board seats in any entity formed through the merger or amalgamation of the four Zee group companies..
SEBIs investigations showed that Chandra and Goenka abused their position as directors of Zee Entertainment in 2019 by siphoning off funds for their own benefit...
This likely paves the way for the completion of the merger between Zee Entertainment and Culver Max Entertainment (Sony Pictures India), creating a $10 billion media and entertainment powerhouse..
Japan's Sony Group, of which Sony Pictures is a subsidiary, had informed its shareholders in late September that the merger, which was expected to close by the end of the first half of FY24, might be delayed...
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