SUBHASH CHANDRA
Bombay HC sets Subhash Chandra's plea challenging SEBI summons aside
The chairman emeritus of Zee Entertainment challenged Sebi's summons, leading to a writ petition in Bombay HC. The regulator withdrew the summons, requiring document submission by March 27. The legal process involved interactions with the capital markets regulator.
Essel Group company Shirpur Gold admitted for insolvency
To secure a ₹65-crore loan, SGRL had given an undertaking to Industrial Finance Corporation of India (IFCI) that it would maintain its own excess shares besides those of Zee Media, Zee Entertainment (both promoted by Essel Group) and Dish TV India (which is under Chandra's younger brother) to the extent of ₹32.50 crore. The outstanding dues include a principal amount of ₹65 crore along with accumulated interest of ₹27 crore up to October 14, 2021.
Zee Ent's Punit Goenka proposes lean organization structure; initiates rationalization of workforce by 15%
Punit Goenka proposed a lean management structure for Zee Entertainment Enterprises, focusing on speed and agility. He also initiated a 15% workforce rationalization process to prune staff strength and create a streamlined team focused on future goals.
Urge all stakeholders to stand against threats to press freedom: Subhash Chandra
Subhash Chandra, chairman emeritus of Zee Entertainment Enterprises Limited, highlighted threats to press freedom faced by media from governing bodies and corporates, urging stakeholders to stand against such pressures.
Netaji Subhash Chandra Bose, Cyclone Remal and more: Modi, Mamata trade barbs during poll campaign in West Bengal
As the electoral journey nears its conclusion, Prime Minister Narendra Modi and West Bengal Chief Minister Mamata Banerjee have intensified their verbal sparring during their campaign rallies in the state. Kolkata witnessed a spectacle on Tuesday with several lively and vibrant roadshows led by key leaders. Prime Minister Narendra Modi held one, while Mamata Banerjee, his foremost political adversary in West Bengal, organized two of her own. This flurry of activity marked the peak of campaign fervor ahead of the final phase of the Lok Sabha elections.
Investors will take final call on Zee leadership: Punit Goenka
Goenka, who is part of the promoter family that holds a 4% stake, is the longest-serving CEO of Zee. In 2019, Goenka was reappointed as the MD and CEO of the entertainment giant, beginning January 2020. The Securities and Exchange Board of India is investigating Goenka and his father, Subhash Chandra, for allegedly diverting the entertainment company's funds to promoter-owned firms.
Air India Express crisis: several flights cancelled in Kolkata
The sudden mass sick leave taken by cabin crew had put the airline in trouble and it had to cancel around 88 flights across the country on Wednesday. More than 200 cabin crew had started reporting sick from Tuesday night to protest against alleged mismanagement at the airline.
Essel Group looks to clear JC Flowers' dues by June
Essel Group, led by Subhash Chandra, aims to clear ₹1,500 crore debt by June. Positive talks with JC Flowers ARC ongoing. Assets like Dish TV, Zee Learn may be released upon payment. Seeking buyers for debt settlement.
NCLT orders insolvency proceedings against Subhash Chandra on Indiabulls Housing Finance plea
Indiabulls Housing Finance Ltd (IHFL) had moved NCLT after Vivek Infracon had in 2022 defaulted a payment of around Rs 170 crore. Vivek Infracon is a part of Essel Group promoted by Chandra.
NCLT admits Indiabulls Housing Finance insolvency plea against Subhash Chandra
The bankruptcy court has admitted Indiabulls Housing Finance Ltd's (IHFL) application to initiate insolvency resolution proceedings against Essel Group chairman Subhash Chandra for default by a company called Vivek Infracon. Chandra was a personal guarantor against the loans availed by the company.
Sebi extends undertaking about not taking action against Subhash Chandra till April 30
The Securities and Exchange Board of India (Sebi) on Wednesday extended its earlier statement in the Bombay High Court that it will not take any action against Essel Group chairman Subhash Chandra for three weeks, in connection with the summons it had issued.
Kangana Ranaut says Subhash Chandra Bose was India's 1st PM and she might be true
Congress leader Supriya Shrinate also shared Kangana's statement and wrote, "Don't take her lightly - she will go ahead in the list of BJP leaders". Kangana was once widely trolled when she claimed that India got real independence after Modi was elected as the prime minister of the country in 2014. Kangana Ranaut was named as one of 111 candidates for the Lok Sabha polls by the BJP on 24 March.
Won't take action on summons issued to Subhash Chandra for three weeks: Sebi to HC
Sebi's response came on a writ petition filed by Chandra, chairman emeritus of Zee Entertainment, on March 5 challenging the summons issued to him in connection with an ongoing probe by the market regulator.
No action on summons against Subhash Chandra for 3 weeks in fund diversion case: Sebi to HC
Sebi halts action on Chandra's summons after court challenge. Accusations of predetermined probe. Justices permit 3-week pause. Mustafa Doctor mentions key dates. Involves stock market regulator.
Sony deal in past; Zee focus now on future, rebuilding business: Punit Goenka, MD & Chief Executive, Zee
Any asset failing to generate profit will be divested from the media company’s portfolio, Goenka said. He also spoke of the challenges facing Zee after the merger failure, impact of the Reliance-Disney merger on the industry, Sebi’s allegations of fund diversion, and his ambitious turnaround plan.
Subhash Chandra moves SAT against Sebi order
Subhash Chandra challenges Sebi's ban at SAT, Sebi claims Chandra is not cooperating, Chandra's counsel argues SAT's judgement applies, Sebi passed confirmatory order on August 14, 2023, Goenka secured a stay order.
View: Sony’s spurned target shows the pitfalls of tempting Indian M&A
Sony Group Corp. narrowly escapes a risky $10 billion Indian merger after legal intervention, leaving target Zee Entertainment Enterprises Ltd. in dire straits amid mounting legal woes. The saga underscores caution for foreign investors in Indian deals. Zee's financial woes deepen as Sony's retreat prompts uncertainty, leaving room for new suitors like Adani, but with hurdles to clear.
Sebi set to question ZEE top brass including Subhash Chandra and Punit Goenka on 'fund diversion'
ZEE shares tumbled 14.8% on the BSE on Wednesday to close at Rs 164.50 apiece, after Bloomberg reported Sebi had found that about $241 million (Rs 2,000 crore) might have been diverted by the company promoters. This has added to the steep decline in the ZEE share price after Sony Group scrapped a $10-billion merger plan involving its India business. A key factor for the collapse of the deal was the Sebi finding.
Zee Entertainment refutes report of Rs 2,000 cr accounting gaffe, says it is 'false'
Zee Entertainment denies media reports of a $240 million 'accounting hole,' calling them incorrect and false. The embattled Indian broadcaster asserts cooperation with SEBI and states they are addressing comments requested. SEBI reportedly uncovers a potential diversion of around Rs 2,000 crore, ten times higher than initial estimates, according to Bloomberg News sources
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