Promoters Subhash Chandra And Son, Punit Barred From Holding Key Roles

The Securities and Exchange Board of India (SEBI) found promoters of Zee Entertainment Enterprises Ltd Subhash Chandra and son Punit Barred, prima facie guilty of diverting funds from the listed company for personal use. This order is a major setback for Zee Entertainment as it is seeking regulatory approvals for a merger with Sony Pictures Networks India. Although the restricted orders are interim and can be challenged.