The Securities and Change Board of India (Sebi) on Thursday, January 2, rejected the settlement purposes submitted by Zee Leisure Enterprises (ZEEL) and Punit Goenka, directing the matter for additional investigation.
In a three-page order, Sebi dismissed show-cause notices issued to Zee, Subhash Chandra, and his son Punit Goenka for alleged regulatory violations. As an alternative, it merged the contents of those notices with an ongoing broader investigation.
Subhash Chandra, the Director and former Chairman, and Punit Goenka, the Government Director, CEO, and Managing Director of Zee Leisure Enterprises, are concerned in adjudication proceedings below Part 23E of the Securities Contracts (Regulation) Act, 1956.
The proceedings started with Sebi appointing Parag Basu because the Adjudicating Officer (AO) on October 28, 2021. Nonetheless, the case was re-assigned to AO Amit Kapoor on December 27, 2024.
Zee Leisure Enterprises and Punit Goenka had submitted settlement purposes to resolve the proceedings initiated towards them. Nonetheless, a panel of Complete Time Members at Sebi rejected these purposes and referred the matter for additional investigation.
“On this regard, it has been noticed that subsequent to completion of investigation within the on the spot matter, it has been determined by the Competent Authority to proceed towards the Noticees below Part 11B of SEBI Act 1992,” the order said.
Written with the View : afaqs