Zee-Sony merger: Zee managed to ‘steer’ Sony away from merger: Zee’s Subhash Chandra levels allegations against SEBI chief Madhabi Puri Buch

Patriarch of Zee Group Subhash Chandra On Monday he launched several accusations against SEBI President Madhabi Puri Book and said it will stop cooperating with the capital markets regulator. The Securities and Exchange Board of India (SEBI) did not immediately offer any comment. However, a source familiar with the matter told PTI that the allegations are malicious.

“All allegations by Mr Chandra are malicious. The facts suggest otherwise,” the source told PTI.

Chandra, now president emeritus of Zee Entertainment Enterprises Ltd (ZEEL), said it is exploring legal action against Buch because it is convinced that the “SEBI chairman is corrupt” and has asked other companies to join its fight.

Replying to a question, Chandra said his issue with the Sebi chairman also affected the Zee-Sony merger.

“Yes, that was the main reason for the merger to stand out, and that is why I am questioning today that SEBI is supposed to protect the interests of minority shareholders, and it was successful in preventing Sony from merging with Zee,” he said.

Chandra also claimed that he had written to Finance Minister Nirmala Sitharaman on the matter but had not received a response. He also alleged that Buch is “biased” against him and that he has taken a decision to “no longer cooperate with SEBI”. He also urged ZEEL to “stop cooperating further with SEBI as it is a biased organisation”. investigation that is being carried out; with a preconceived mindset of the Chairman of SEBI.”

“ICICI Bank “And my investigation tells me that Madhabi Puri Buch and Chanda Kochhar at that time, were constantly on phone calls,” he said, adding, “She was the closest person, and Chanda Kochhar was the one who was giving her the money, which has been revealed today this morning, running into crores of rupees, that she was illegally taking from ICICI,” Chandra told reporters.

This controversy arose after SEBI last year alleged diversion of funds when the father-son duo availed fixed deposits (FDs) of Rs 200 crore. Zee Entertainment Enterprises Ltd (ZEEL) to repay loans from certain entities.

Chandra and his son Goenka have been barred from holding positions of director or key management personnel in any listed company until further orders from Sebi.

Both Chandra and Punit Goenka challenged Sebi’s directive before the Securities Appellate Tribunal (SAT), which stayed the order.

(With PTI inputs)