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Zee Entertainment Enterprises on Monday stated it shaped an interim committee to run operations after ex-chairman Subhash Chandra and CEO Punit Goenka didn’t overturn the market regulator’s ban on them holding board positions.
The interim committee will likely be beneath the supervision of Zee’s board, an organization spokesperson stated.
The Securities and Exchange Board of India in June banned Chandra and Goenka from holding board positions in publicly listed corporations for a yr, alleging they have been actively concerned in diverting funds to the group’s different listed entities and companies associated to founding shareholders.
Last week, the Security Appellate Tribunal refused to vacate the regulator’s resolution, saying it didn’t discover any illegality or irrationality in SEBI’s order and noticed no benefit in interfering.
It directed SEBI to go a ultimate order by the center of subsequent month and requested Chandra and Goenka to defend themselves earlier than the regulator.
The ruling comes as ZEE and an India unit of Japan’s Sony Group are closing in on a merger introduced in 2021 to type a $10-billion TV enterprise, with Goenka set to grow to be the merged entity’s managing director and CEO.
ZEE’s shares closed 6.3% increased after Monday’s announcement
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