The letter alleges that efforts are ongoing to scuttle the merger with Sony. Chandra wrote in his letter that whereas he’s not involved in regards to the probe by market regulator SEBI, however the timing of the brand new discover.

“I am not suggesting that SEBI should not investigate, if they have doubts of any kind,” the letter said, including that the brand new discover doesn’t include any level which isn’t already a part of the corporate’s information, which have already been offered to SEBI.

“That said, if the mentioned parties continue to influence the investigation, especially by SEBI, it will lead to a huge financial loss for minority shareholders of ZEE,” Chandra wrote in his letter.

“SEBI has been acting with a predetermined mind, which is evident in the order passed by the appellant court, Justice Tarun Agarwalla, on Octoebr 30, 2023,” the letter learn.

The Securities Appellate Tribunal (SAT) had overturned SEBI’s order which had barred each Subhash Chandra and Punit Goenka from holding any key managerial positions in Zee Entertainment, until investigations have been accomplished.

Post the overturning of the order, Punit Goenka was reinstated as Zee’s MD & CEO.

The letter alleged that the discover being issued at this stage seems to be an “exercise to sensationalise the matter through media platforms.” Chandra additionally highlights that he expressed comparable issues in a letter written to the market regulator in November 2018, over “negative forces impacting the valuation of Zee.”

Chandra’s letter additional states that he has taken efforts with all of the lenders and repaid almost 92% of his debt to the tune of ₹40,000 crore.

As a results of the a number of stake gross sales undertaken by Zee’s promoters, their stake within the firm is all the way down to 4% from round 40% earlier.

SEBI has been investigating fees round fund siphoning and window dressing of books of accounts which allegedly benefited the promoter household of Zee Entertainment.

As per sources, within the first section of its investigation, SEBI discovered misuse of funds to the tune of ₹200 crore from Zee Entertainment, benefiting the promoter household. However, now, in line with sources, the dimensions of the violation has escalated to round ₹800-₹1,000 crore.

Zee Entertainment’s shares shall be in focus immediately in addition to the inventory has exited the F&O ban, which signifies that new positions might be created within the inventory.