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SEBI set to summon ZEE’s Punit Goenka, Subhash Chandra in funds siphoning case

The regulatory body’s investigation into Zee founders, primarily focusing on Subhash Chandra and Puneet Goenka, reportedly uncovered the potential diversion of approximately Rs 20 billion ($241 million) from the company. This figure is roughly ten times larger than SEBI's initial estimates, raising concerns about financial irregularities within Zee. (Image sourced via CNBC TV-18)

The regulator is also probing a wider array of transactions between Zee and private companies owned by promoters.

Zee case: SEBI probing two Mumbai-based production houses in funds siphoning case

In August 2023, SEBI passed an interim order against promoters Subhash Chandra and his son Punit Goenka, barring them from holding any directorships in listed companies, over allegations of funds siphoning. (Image source: Moneycontrol Hindi)

SEBI has also summoned former directors of Zee for questioning over alleged funds diversion, states a Moneycontrol report.

Zee-Sony merger: Will SEBI’s new revelations impact March 12 NCLT hearing?

The NCLAT will be hearing a challenge to the Zee-Sony merger on May 17. (Source: Moneycontrol)

While there is no confirmation from the regulatory body on reports alleging discrepancies to the tune of $241 million in Zee accounts, stakeholders wonder if it will have any bearing on the critical March 12 NCLT hearing.

Indian Internet user base touched 881.25 million in March 2023: TRAI

Driving this growth is the surge in broadband Except Haryana, Kerala, J & K and Kolkata, all other service areas have showed growth in their wireless subscribers during the month of February-24. (Representative Image: David Arrowsmith via Unsplash)

Broadband subscriptions also grew. It touched 846.57 million in March 2023, compared to 788.29 million in 2022.

The reports and rumours pertaining to accounting issues in the Company are incorrect and false: ZEE

According to ZEE MD and CEO, Punit Goenka their plan is now be centred around three key aspects. These included frugality, optimisation and sharp focus on quality content.(Image source: Moneycontrol)

As per Bloomberg reports, SEBI has discovered a discrepancy of over $240 million in the accounts of Zee Entertainment Enterprises Ltd.

Zee-Sony Saga: Can the terminated merger be revived? Or is it reopening Pandora’s box?

On January 22, Sony terminated the proposed $10 billion merger with Zee first announced in December 2021 (Image source: Moneycontrol)

Reports of a revival of merger talks between Zee and Sony prompted the former to issue a clarification that Zee was “not involved in any negotiations”. Now SEBI has unearthed fresh monetary discrepancies in ZEE’s dealings.

FM Radio ad revenue jumps 26 percent in 2022-23 to touch Rs 1547.13 crore: TRAI

Another area of growth in the radio landscape is the expansion in the number of Community Radio Stations (CRS) in the country. (Image source: Unsplash)

The reported advertisement revenues by the private FM Radio broadcasters have 3 3 increased from Rs 1227.15 crore in the year 2021-22 to Rs 1547.13 crore in the year 2022-23.

Television revenue in India dropped from Rs 72,000 crore to Rs 70,900 crore in 2022: TRAI

Online and OOH have fallen compared to their 2023 levels, offsetting rising TV inflation. (Image source: Moneycontrol)

These numbers suggest a shift in consumer behaviour and potential opportunities for ad-supported models in the Indian television landscape.

Zee Entertainment faces fresh woes as SEBI uncovers $240 million discrepancy

According to ZEE MD and CEO, Punit Goenka their plan is now be centred around three key aspects. These included frugality, optimisation and sharp focus on quality content.(Image source: Moneycontrol)

As per reports, this figure is roughly ten times larger than SEBI’s initial estimates, raising concerns about financial irregularities within Zee.

NCLT restrains Star India from stopping Essel-backed Siti Network’s TV signals

Star had issued a disconnection notice to Siti on January 25 for non-payment of outstanding subscription dues, requiring the platform to make the payment within three weeks or face disconnection, as per reports. (Image source: Justdial)

Star-Siti wars continue, but the NCLT has granted interim relief to Siti.