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<p>Dr Subhash Chandra, Chairman Emeritus, Zee Entertainment Enterprises Ltd. (ZEEL)&nbsp;has levelled serious allegations against SEBI chief, Madhabi Puri Buch, accusing her of corruption and unethical behaviour. Chandra alleged that the market regulator chief was the primary reason why the Sony-ZEEL merger fell through and that she attempted to damage the other sister companies as well.&nbsp;</p>

<p>"Yes, this was the main reason for the merger to set apart, and that is why I am questioning today that SEBI is supposed to protect the interest of minority shareholders, and she succeeded in pushing away Sony from getting merged with Zee," Chandra&nbsp;alleged.</p>

<p>The deal which was two years in the making and aimed to create one of the country's biggest media and entertainment businesses, could not be completed as SEBI cornered Chandra's son, Punit Goenka.</p>

<p>Chandra also accused Buch of even advising his son to distance himself from the media baron&nbsp;before summoning the duo for questioning.&nbsp;</p>

<h2><strong>Bribe to settle the case</strong></h2>

<p>The former Rajya Sabha MP (Upper House of Indian Parliament) also spoke in detail about an incident from 2019 when he requested leaders in a boardroom to grant him time to repay loans. Chandra stated that without patience, both the lenders and investors, including mutual funds would lose money.&nbsp;</p>

<p>He accused Buch of not extending the repayment period and imposing penalties on those who agreed to defer&nbsp;repayments. Chandra alleged that a bribe was demanded by one Manjit Singh — recommended to him by a bank’s chairperson, to settle the case. Singh, who was acting as a middleman, said he could&nbsp;resolve the matter with Buch and her husband for a "price".&nbsp;</p>

<p><a href="https://www.wionews.com/videos/hindenburg-vs-sebi-chief-credibility-crisis-staring-at-sebi-chief-753906"><strong>Watch |&nbsp;Hindenburg vs SEBI Chief: Credibility crisis staring at SEBI Chief?</strong></a></p>

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<p>Notably, in the recently released report by&nbsp;US-based short-seller Hindenburg Research, it was alleged that Buch and her husband worked together to hide her conflict of interest details regarding her investments abroad in Adani Group-linked funds. Buch transferred her investments to her husband so as to avoid regulatory hassles.<br />
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“I am convinced that the SEBI chairperson is corrupt since she and her husband, whose combined income was around Rs 1 crore per annum before she assumed the position at Sebi, has now gone up to Rs 40-50 crore per annum," said Chandra.&nbsp;</p>

<p>"This needs to be investigated by the media and investigating agencies, including an analysis of the settled and compounded cases and the consultation fees paid by such corporates and received by the Sebi chairperson and her connected persons. These are many ways she and her husband extort money from corporates and stock market corrupt operators and fund managers."</p>

<p><a href="https://www.wionews.com/business-economy/sebi-chair-under-fire-from-congress-for-conflict-of-interest-linked-to-rs-168-crore-icici-bank-payments-755210"><strong>Also read |&nbsp;SEBI Chair under fire from Congress for Conflict of Interest, linked to Rs 16.8 crore ICICI Bank Payments</strong></a></p>

<h2><strong>Buch and Kochhar connection&nbsp;</strong></h2>

<p>The Zee Group patriarch&nbsp;also accused Buch of having relations with embattled ICICI chief Chanda Kochhar after Congress on Monday said the bank was paying salary to the SEBI chair.&nbsp;</p>

<p>"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 very close person, and Chanda Kochhar was the one who was giving the money to her, which has been revealed today this morning, for crores of rupees, she was taking illegally from ICICI."</p>

<p>Chandra said he had&nbsp;taken a decision "not to cooperate with SEBI any further" as he intends to take legal action against Buch.</p>

<p>“I don’t want to subject myself to this investigation by a corrupt person. You may get me investigated by anybody, any third party, any independent."</p>

<p>The chairman emeritus of ZEEL added that he had written a letter to Finance Minister Nirmala Sitharaman in this regard but was yet to receive a&nbsp;response.&nbsp;</p>


Dr Subhash Chandra, Chairman Emeritus, Zee Entertainment Enterprises Ltd. (ZEEL) has levelled serious allegations against SEBI chief, Madhabi Puri Buch, accusing her of corruption and unethical behaviour.

Dr Subhash Chandra, Chairman Emeritus, Zee Entertainment Enterprises Ltd. (ZEEL) has levelled serious allegations against SEBI chief, Madhabi Puri Buch, accusing her of corruption and unethical behaviour. Chandra alleged that the market regulator chief was the primary reason why the Sony-ZEEL merger fell through and that she attempted to damage the other sister companies as well. "Yes, this was the main reason for the merger to set apart, and that is why I am questioning today that SEBI is supposed to protect the interest of minority shareholders, and she succeeded in pushing away Sony from getting merged with Zee," Chandra alleged. The deal which was two years in the making and aimed to create one of the country's biggest media and entertainment businesses, could not be completed as SEBI cornered Chandra's son, Punit Goenka. Chandra also accused Buch of even advising his son to distance himself from the media baron before summoning the duo for questioning. Bribe to settle the case The former Rajya Sabha MP (Upper House of Indian Parliament) also spoke in detail about an incident from 2019 when he requested leaders in a boardroom to grant him time to repay loans. Chandra stated that without patience, both the lenders and investors, including mutual funds would lose money. He accused Buch of not extending the repayment period and imposing penalties on those who agreed to defer repayments. Chandra alleged that a bribe was demanded by one Manjit Singh — recommended to him by a bank’s chairperson, to settle the case. Singh, who was acting as a middleman, said he could resolve the matter with Buch and her husband for a "price". Watch | Hindenburg vs SEBI Chief: Credibility crisis staring at SEBI Chief? × Notably, in the recently released report by US-based short-seller Hindenburg Research, it was alleged that Buch and her husband worked together to hide her conflict of interest details regarding her investments abroad in Adani Group-linked funds. Buch transferred her investments to her husband so as to avoid regulatory hassles. “I am convinced that the SEBI chairperson is corrupt since she and her husband, whose combined income was around Rs 1 crore per annum before she assumed the position at Sebi, has now gone up to Rs 40-50 crore per annum," said Chandra. "This needs to be investigated by the media and investigating agencies, including an analysis of the settled and compounded cases and the consultation fees paid by such corporates and received by the Sebi chairperson and her connected persons. These are many ways she and her husband extort money from corporates and stock market corrupt operators and fund managers." Also read | SEBI Chair under fire from Congress for Conflict of Interest, linked to Rs 16.8 crore ICICI Bank Payments Buch and Kochhar connection The Zee Group patriarch also accused Buch of having relations with embattled ICICI chief Chanda Kochhar after Congress on Monday said the bank was paying salary to the SEBI chair. "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 very close person, and Chanda Kochhar was the one who was giving the money to her, which has been revealed today this morning, for crores of rupees, she was taking illegally from ICICI." Chandra said he had taken a decision "not to cooperate with SEBI any further" as he intends to take legal action against Buch. “I don’t want to subject myself to this investigation by a corrupt person. You may get me investigated by anybody, any third party, any independent." The chairman emeritus of ZEEL added that he had written a letter to Finance Minister Nirmala Sitharaman in this regard but was yet to receive a response.

Subhash Chandra accuses SEBI chair of corruption, blames her for Zee-Sony merger failure

<p>India’s company law tribunal approved a merger between Zee Entertainment Enterprises Ltd and Sony Group Corp.’s South Asian unit on Thursday (August 10), paving the way for the creation of a media giant.&nbsp;</p>

<p>The merger is aimed at creating a $10 billion Indian media giant which was given necessary regulatory approvals from the stock exchanges of the country, along with the antitrust regulator last year. However, the proposed merger faced legal challenges from creditors in front of the National Company Law Tribunal (NCLT), where the companies sought their last approvals.&nbsp;</p>

<p>After the announcement, shares of Zee Entertainment Enterprises Limited (ZEEL) increased by 15 per cent on Thursday. The shares of Zee were trading at 14.32 per cent at Rs 276.95 at around 3:22 pm before markets closed.</p>

<p>Partner at ASR &amp; Associates Anuj Tiwari said that the NCLT in its order dismissed objections to the scheme, paving the way for a merger which will benefit all stakeholders.</p>

<p>Zee Entertainment Managing Director and CEO Punit Goenka said the merger will go ahead regardless of his position in the resultant entity. As per the agreement, ZEEL's CEO will serve as the MD and CEO of the combined company for five years.&nbsp;</p>

<p>Sony Pictures Networks India Private Limited (SPNI) and Zee Entertainment Enterprises Ltd. (ZEEL) had earlier announced that they have signed definitive agreements to merge ZEEL with and into SPNI and combine their linear networks, digital assets, production operations and programme libraries.</p>

<p>The agreements had followed the conclusion of an exclusive negotiation period during which ZEEL and SPNI conducted mutual due diligence.</p>

<p>Under the terms of the definitive agreements, SPNI will have cash balance of USD $1.5 billion (assuming an Indian rupee- US dollar exchange rate of 75:1) at closing, including through infusion by the current shareholders of SPNI and the promoters (founders) of ZEEL.</p>

<p>This will enable the combined company to drive sharper content creation across platforms, strengthen its footprint in the rapidly evolving digital ecosystem, bid for media rights in the fast-growing sports landscape and pursue other growth opportunities.</p>

<p>SPNI is an indirect subsidiary of Sony Pictures Entertainment Inc (SPE). Under the transactions contemplated by a non-compete agreement, SPE, through a subsidiary, will pay a non-compete fee to certain promoters (founders) of ZEEL, which will be used by such promoters (founders) to infuse primary equity capital into SPNI, entitling the promoters (founders) of ZEEL to acquire shares of SPNI, according to the companies.</p>

<p>This would eventually equal approximately 2.11 per cent of the shares of the combined company on a post-closing basis. After the closing, SPE will indirectly hold a majority 50.86 per cent of the combined company, the promoters (founders) of ZEEL will hold 3.99%, and the other ZEEL shareholders will hold a 45.15 per cent stake.</p>

<p>The combination of ZEEL and SPNI is expected to achieve business synergies and given their relative strengths in scripted, factual and sports programming, respective distribution footprints across India and iconic entertainment brands, the combined company should be well-positioned to meet the growing consumer demand for premium content across entertainment touchpoints and platforms.</p>

<p>The seamless blend of rich expertise in content creation, deep consumer insights and success across entertainment genres is expected to drive the combined company’s ability to accrue higher shareholder value.</p>

<p>Under the stewardship of the Sony Group, a global leader in consumer technologies, gaming and entertainment, the combined company is expected to be able to better compete with the world’s largest streaming players.</p>

<p>You can&nbsp;<strong>now write for wionews.com</strong>&nbsp;and be a part of the community. Share your stories and opinions with us&nbsp;<strong><a href="https://www.wionews.com/content-contribution-registration-form">here</a>.</strong></p>

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India’s company law tribunal approved a merger between Zee Entertainment Enterprises Ltd and Sony Group Corp.’s South Asian unit on Thursday (August 10), paving the way for the creation of a media giant.

India’s company law tribunal approved a merger between Zee Entertainment Enterprises Ltd and Sony Group Corp.’s South Asian unit on Thursday (August 10), paving the way for the creation of a media giant. The merger is aimed at creating a $10 billion Indian media giant which was given necessary regulatory approvals from the stock exchanges of the country, along with the antitrust regulator last year. However, the proposed merger faced legal challenges from creditors in front of the National Company Law Tribunal (NCLT), where the companies sought their last approvals. After the announcement, shares of Zee Entertainment Enterprises Limited (ZEEL) increased by 15 per cent on Thursday. The shares of Zee were trading at 14.32 per cent at Rs 276.95 at around 3:22 pm before markets closed. Partner at ASR & Associates Anuj Tiwari said that the NCLT in its order dismissed objections to the scheme, paving the way for a merger which will benefit all stakeholders. Zee Entertainment Managing Director and CEO Punit Goenka said the merger will go ahead regardless of his position in the resultant entity. As per the agreement, ZEEL's CEO will serve as the MD and CEO of the combined company for five years. Sony Pictures Networks India Private Limited (SPNI) and Zee Entertainment Enterprises Ltd. (ZEEL) had earlier announced that they have signed definitive agreements to merge ZEEL with and into SPNI and combine their linear networks, digital assets, production operations and programme libraries. The agreements had followed the conclusion of an exclusive negotiation period during which ZEEL and SPNI conducted mutual due diligence. Under the terms of the definitive agreements, SPNI will have cash balance of USD $1.5 billion (assuming an Indian rupee- US dollar exchange rate of 75:1) at closing, including through infusion by the current shareholders of SPNI and the promoters (founders) of ZEEL. This will enable the combined company to drive sharper content creation across platforms, strengthen its footprint in the rapidly evolving digital ecosystem, bid for media rights in the fast-growing sports landscape and pursue other growth opportunities. SPNI is an indirect subsidiary of Sony Pictures Entertainment Inc (SPE). Under the transactions contemplated by a non-compete agreement, SPE, through a subsidiary, will pay a non-compete fee to certain promoters (founders) of ZEEL, which will be used by such promoters (founders) to infuse primary equity capital into SPNI, entitling the promoters (founders) of ZEEL to acquire shares of SPNI, according to the companies. This would eventually equal approximately 2.11 per cent of the shares of the combined company on a post-closing basis. After the closing, SPE will indirectly hold a majority 50.86 per cent of the combined company, the promoters (founders) of ZEEL will hold 3.99%, and the other ZEEL shareholders will hold a 45.15 per cent stake. The combination of ZEEL and SPNI is expected to achieve business synergies and given their relative strengths in scripted, factual and sports programming, respective distribution footprints across India and iconic entertainment brands, the combined company should be well-positioned to meet the growing consumer demand for premium content across entertainment touchpoints and platforms. The seamless blend of rich expertise in content creation, deep consumer insights and success across entertainment genres is expected to drive the combined company’s ability to accrue higher shareholder value. Under the stewardship of the Sony Group, a global leader in consumer technologies, gaming and entertainment, the combined company is expected to be able to better compete with the world’s largest streaming players. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Indian tribunal confirms Zee Entertainment-Sony merger, paves way for big media giant

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Subhash Chandra accuses SEBI chair of corruption, blames her for Zee-Sony merger failure

Indian tribunal confirms Zee Entertainment-Sony merger, paves way for big media giant