CORPORATE
SEBI rejects settlement pleas by ZEEL, Punit Goenka, expands probe against them
- IBJ Bureau
- Jan 03, 2025
The market regulator has rejected settlement applications filed by Zee Entertainment Enterprises (ZEEL) and ZEEL CEO Punit Goenka. The SEBI has said that further investigation will be done into both the entities and Essel Group Chairman Subhash Chandra.
Under the SEBI (Settlement Proceedings) Regulations, 2018, any entity against whom proceedings have been initiated or are to be initiated can apply to settle the proceedings by paying a fee and/or by complying with non-monetary terms.
The adjudication order issued by the SEBI on January 2 said that a new show-cause notice will be issued to ZEEL, Mr Chandra and Mr Goenka which will incorporate findings recorded in an earlier notice and the findings from further investigation.
According to the order, the regulator had issued a notice earlier, dated July 6, 2022, to the three entities following allegations that they had violated provisions of the Listing Obligations and Disclosure Requirements (LODR) Regulations.
Following this, ZEEL and Goenka had filed applications to settle the adjudication proceedings. The panel of whole-time members of SEBI rejected the applications and also referred the matter to SEBI for further investigation.
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