Sebi modifies order against Subhash Chandra, Punit Goenka; says probe to be completed in 8 months

New Delhi : Sebi on Monday modified its order against Subhash Chandra and Punit Goenka, and barred them from holding of director or key managerial personnel in at least four Zee group companies as well as in the merged entity of ZEEL and Sony Pictures Networks India till further directions.

Besides, Goenka has been restrained from becoming the Managing Director at the merged entity of Zee Entertainment Enterprises Ltd (ZEEL) and Sony Pictures Networks India, now known as Culver Max Entertainment. The deal is yet to be complete.

Passing the confirmatory order in connection with the case of alleged siphoning off funds of ZEEL, Sebi Chairperson Madhabi Puri Buch said the investigation by the watchdog in the case “shall be completed in a time-bound manner and in any event, within a period of eight months from the date of this order”.

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