The Enforcement Directorate (ED) is carrying out search operations at Essel Group’s office in Mumbai, ET Now reported on Wednesday. During the search, which is underway since this afternoon, the central probe agency questioned the company’s officials. Many offices of Essel Group, the parent firm of Zee Media Corporation, operate from the Continental building premises. It has offices of Zee Media Corp, Zee Learn, Mount Litera Edu Foundation, Essel Homes, and Essel Infra & Housing.
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Earlier in the day, it was reported that Sebi’s probe into Zee revealed Rs 800-Rs 1,000 crore may have been siphoned as against the earlier reported figure of Rs 200 crore. CNBC TV18 reported that the alleged amount siphoned being investigated by market regulator Securities and Exchange Board of India (Sebi) has risen substantially.
In August last year, Sebi barred Zee’s Punit Goenka and Subhash Chandra from boardrooms of four Zee group companies, including Zee Entertainment Enterprises Ltd for allegedly siphoning off funds to the tune of Rs 200 crore for their own benefit. However, this amount has now increased substantially.
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The regulator is likely to have zeroed in on ZEE MD & CEO Punit Goenka’s role in misuse of funds as Key Managerial Personnel (KMP) in Essel entities, the report said, adding that the Sebi could look at upholding its order restraining Goenka From holding position as a director.
The report couldn’t have come at a worse time for Zee shareholders as the stock already got battered 30 per cent on Tuesday in the wake of Japan’s Sony terminating the $10-billion merger deal with Zee on Monday.
Business Today couldn’t independently verify the veracity of this news report.