After confirming siphoning off of funds value ₹200 crore for their very own profit, the Securities Change Board of India (SEBI) has banned Zee Leisure Enterprises’ former chairman Subhash Chandra and his son and MD & CEO Punit Goenka from holding the place of a director or key managerial personnel in any listed firm or its subsidiaries.

“The Noticees (Chandra and Goenka) shall stop to carry the place of a director or a key managerial personnel in any listed firm or its subsidiaries till additional orders,” SEBI’s June 12 order said.

The case pertains to SEBI’s probe after the resignation of two unbiased administrators (Sunil Kumar and Neharika Vohra) of Zee in November 2019 after elevating considerations over a number of points, together with appropriation of sure fastened deposit (FD) of ZEEL by Sure Financial institution Ltd (Sure Financial institution) for squaring off loans of associated entities of Essel Group.

The probe revealed Chandra, the then chairman of ZEEL/Essel Group, offered a ‘letter of consolation’ on September 4, 2018, in direction of credit score amenities availed by sure group firms from Sure Financial institution. Neharika Vohra’s resignation letter to then ZEEL chairman confirmed this LoC was identified solely to a couple individuals in administration and even the board of ZEEL was not conscious of the identical, SEBI mentioned.

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