Sebi defends its order against Zee Entertainment promoters

Zee Entertainment Enterprises Ltd chairman emeritus Subhash Chandra, and chief executive and managing director Punit Goenka, are involved in a multitude of schemes and transactions where large sums of public funds from listed companies have been diverted to private entities controlled by them, the Securities and Exchange Board of India (Sebi) said in an affidavit filed before the Securities Appellate Tribunal

- Priyanka Gawande

"The appellant's (Goenka and Chandra) conduct is telling. Not only have there been violations but also the issuance of many false disclosures and submission of statements to cover up such wrongdoings. In Shirpur, we have also seen that the promoter group timed the offloading of its shares in the open market to avoid bearing the brunt of the fall in the market value of Shirpur's shares. It was ultimately the small retail investor who endured the fall in the share price," it said.