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The MCA has taken cognizance of the Securities and Exchange Board of India’s (SEBI) interim order which alleged bogus book entries and siphoning of funds, and is probing lapses in corporate governance issues, the report added, citing sources. However, the MCA has not issued an inspection order, the report added.
In the interim order on June 12, Sebi barred Subhas Chandra and ZEEL MD Punit Goenka from holding the position of a director or key managerial personnel in any listed company for siphoning off funds of the media firm. Both Chandra and Goenka moved SAT seeking a stay on the Sebi order, citing injustice.
In a letter to employees, Goenka reportedly said that the merger of ZEE Entertainment and Sony has reached an advanced stage of completion, and the issues faced by promoters with Sebi should not become a problem for the company.
With the Securities Appellate Tribunal (SAT) restricting him from holding a directorial or key managerial position in a listed company, Goenka told the employees that the ZEEL board has constituted an interim committee of senior executives to ensure smooth operations and day-to-day functioning.
In his letter, Goenka reminded the employees that the merger has already been cleared by the Competition Commission of India (CCI), Bombay Stock Exchange (BSE), and National Stock Exchange (NSE), besides the shareholders of the company, a person aware of the development said.Goenka also reiterated that the merger with Sony is in the interest of all stakeholders of the company and its completion has been his top priority.
(With agency inputs)
