SEBI says it sees significant red flags in transactions between Zee and Essel entities

New Delhi Sept 13 : In a significant move, market regulator SEBI on Wednesday reiterated vehemently before the Securities Appellate Tribunal (SAT) that it sees many vital and notable red flags in the transactions between Zee and Essel entities. The vile plan was to round trip Zee's own money back into the company through entities to pay back the debt of Essel entities, the SEBI counsel argued, adding that the transactions between Zee and Essel entities can't be genuine or a coincidence. The case pertains to Punit Goenka, the former Zee Entertainment Enterprises Ltd boss, moving SAT to seek a stay on the SEBI order barring him from holding key positions within four Zee group firms and in the merged entity of Zee Entertainment Enterprises Ltd (ZEEL) and Sony Pictures Networks India. The SEBI order has alleged that Goenka and his father, Subhash Chandra, former chairman of ZEEL, abused their positions as directors and key managerial personnel (KMP) of a listed company by siphoning off funds for their own pecuniary benefit. Goenka's move to challenge SEBI's confirmatory order came in response to its decision on August 14, as per which the father-son duo has been prohibited from holding positions as directors or KMP in at least four Zee group companies as well as in the merged entity of ZEEL and Sony Pictures Networks India, until further directions from the regulator. The regulator added before SAT that Zee must present concrete evidence to show that its transactions with Essel entities were genuine and that seven Essel entities in question in the case are controlled by Zee Entertainment's key managerial personnel. /IANS


Now, IndiGo faces criticism over delays from former Union Minister
New Delhi, Dec 3 : Congress MP and former Union Minister Manish Tewar, on Sunday expressed frustration over repeated delays in IndiGo flights Tewar

Outcome of state election results hints at continued uprun in market
New Delhi, Dec 3 : The outcome of state election results hints towards continued uprun in the market, Dhiraj Relli, MD & CEO at HDFC Securities, said

S. Korea to see negative growth in 2050 if low fertility rate continues
Seoul, Dec 3 : South Korea is set to report negative economic growth in 2050 if the country fails to reverse its accelerating birth-rate decline, the