Zee Entertainment Enterprises Ltd. has formed an interim committee to run the day-to-day operations as managing director and CEO Punit Goenka failed to get relief from the Securities Appellate Tribunal last week.
The SAT refused to give any interim relief to Punit and Essel group chairman Subhash Chandra against SEBI’s order which barred them from holding key managerial positions or directorship in any listed company. The interim committee formed will be under the supervision of the Zee board.
Meanwhile, the merger of Zee and Culver Max (earlier known as Sony Pictures Networks India) has reached an advanced stage of completion even though the Bombay bench of the NCLT had reserved its order pertaining to the approval to the merger. The CCI, the BSE, the NSE, and the shareholders of the company have already cleared the proposed merger.