A SEBI committee on January 2 rejected an offer for settlement of investigation proceedings against Zee Entertainment Enterprises Ltd., its former chairman and founder, Subhash Chandra, and its former managing director, Punit Goenka. The panel has instead asked SEBI’s adjudicating officer to incorporate the new findings which the regulator had unearthed during its investigations in the matter, and send a fresh show cause notice to the three entities.
In effect, this order of the committee has further expanded the scope of SEBI’s ongoing investigations into the matter.
The SEBI probe was related to listing norm violations by Zee and two of its former top executives. An initial show cause notice was issued to the three entities in July 2022.