The mystery surrounding the alleged fund diversion from Zee Entertainment] Enterprises (Zee) by founders Subhash Chandra and Punit Goenka has thickened with speculations of an amount multiple times higher than that cited by the ex-parte interim order passed by the Securities and Exchange Board of India (Sebi) dated June 12, 2023.
While Zee shares witnessed a fresh selloff on Wednesday, news reports of accounting fraud left investors guessing about the hole in the media broadcaster's books. An order by the Securities Appellate Tribunal (SAT) in October 2023 had clearly hinted that Sebi's investigation had found a deeper rout.
The order quotes a submission made by the Sebi counsel, "...there are a large number of transactions running into ₹2,000 crore involving companies owned, controlled, or otherwise related to promoters." The counsel had further argued to the tribunal that additional letters of comfort (LOCs) issued by Goenka and his father had come into existence, including one to the tune of ₹4,210 crore issued by Chandra in his capacity as chairman of Essel Group.
This story is from the February 22, 2024 edition of Business Standard.
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This story is from the February 22, 2024 edition of Business Standard.
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