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More problems for ZEE? ED conducts raid at Essel Group office in Mumbai: Reports
The raid is being conducted at the Essel Group Continental office in Mumbai as per reports.
The company has approached the Mumbai-bench of NCLT, "seeking directions to implement the merger scheme", the Punit Goenka-led ZEEL said in a regulatory filing. (Image source: Moneycontrol)
The Enforcement Directorate (ED) carried out a search at an Essel Group premises in Mumbai on January 24, as per reports.
Reports state the raid is being conducted at the Essel Group Continental office and an official confirmation was awaited by the time the preliminary reports emerged.
The Securities and Exchange Board of India (SEBI) has been investigating Essel Group companies and Zee Entertainment.
Sources aware of the development informed that the market regulator has established Punit Goenka’s role in siphoning off funds as Key Managerial Personnel (KMP) in various Essel entities.
As per sources, in the first phase of its investigation, SEBI found misuse of funds to the tune of ₹200 crore from Zee Entertainment, benefiting the promoter family. However, now, according to sources, the size of the violation has escalated to around ₹800-₹1,000 crore.
As part of its final order, SEBI could consider imposing a monetary penalty on Punit Goenka and Subhash Chandra Goenka.
Subhash Chandra, chairman of Essel Group and promoter of Zee Entertainment, even wrote to Finance Minister Nirmala Sitharaman, expressing concerns about perceived efforts to sabotage the merger and sensationalize the ongoing investigations.
Earlier on January 24, Zee Entertainment Enterprises Ltd (ZEEL) said it has moved the National Company Law Tribunal (NCLT) and Singapore International Arbitration Centre (SIAC) against Sony Pictures Network India's termination of the $10 billion merger deal.
The company has approached the Mumbai-bench of NCLT, "seeking directions to implement the merger scheme", the Punit Goenka-led ZEEL said in a regulatory filing.
The proposed merger, which would have created a $10-billion media entity, was called off by Sony through a termination notice issued to ZEEL on January 22.
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