SEBI rejects settlement plea, deepens probe into Zee

The Securities and Exchange Board of India (SEBI) has rejected a settlement application filed by Zee Entertainment Enterprises Limited (ZEEL) and its CEO Punit Goenka, The Storyboard18 reported yesterday.

The probe’s scope has been broadened to include ZEEL’s former chairperson, Subhash Chandra, amidst allegations of fund diversion and other irregularities.

The settlement plea, filed in connection with accusations of non-compliance with SEBI’s Listing Obligations and Disclosure Requirements Regulations, was dismissed by SEBI’s Whole-Time Members panel. Instead, the matter has been referred for further investigation under Section 11B of the SEBI Act, 1992. SEBI emphasized that findings from the ongoing investigation will subsume allegations detailed in a July 2022 show-cause notice.

The regulator’s adjudication order, issued on Thursday, the Storyboard18 report added, stated that additional investigation would incorporate evidence from earlier probes, including examination reports and related documents. These materials will form the basis for new show-cause notices to ZEEL, Chandra and Goenka.

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“This initiative will empower subscribers to pay online and subscribe to the channels they want to watch and get it activated on their TV sets in real-time without any delay. Without needing to undertake any software development, LMOs can approach Mobiezy for their pre-built and pre-integrated solution that uses NXTDigital’s news APIs and can be up and running with their own mobile apps within just a few days.”

RU Ediriwira, Group CTO, NXTDigital Limited

“With the launch of Partnership for Growth 3.0 we intend to expand our network with 40 new NXTHUBs, each offering up to 650 live TV channels and broadband. Our efforts are focused on harnessing the convergence of technologies, developing robust apps and creating new business models that will help the overall ecosystem, delivering the best experience to our subscribers. We hope to achieve a stronger foothold in the rural regions of the country and grow our subscriber base.”

N.K. Rouse, COO, NXT Digital Ltd

“One of the key principles of the Hinduja Group is ‘Partnership for Growth’. After 2.0 saw the launch of HITS to connect LMOs in even the most remote locations through the only satellite-based cable TV platform in India; 3.0 focuses not just on strengthening the overall ecosystem we have built, but harnessing the convergence of technologies – to be delivered through a national network of NXTHUBs. Video and broadband are only the beginning of the digital highway of services that we have developed for roll-out backed by a robust suite of innovative apps developed by service providers exclusively for our LMOs and subscribers.”

Vynsley Fernandes, MD & CEO, NXTDigital Limited

“Wireline broadband is becoming ever more important not only in connecting homes across the country but also small to large enterprises-to the digital economy. The NXTHUBs will be the perfect point-of-presence to offer broadband services to cater to these consumer needs.”

Yugal Kishore Sharma CEO, ONEOTT Intertainment Limited

Amazing and grim battle for survival. Guess it will end up in Supreme Court. All that NCLT asked Zee to do was to file a reply to Invesco petition for a EGM. Now this is getting too serious. So far Invesco has been hammered for demanding an EGM. What is Zee upto? Ofcourse my lawyer community knows better!