The order issued by the Adjudicating Officer of Sebi said that the contents of the first Show Cause Notice (SCN) issued to them would also be incorporated “in the SCN to be issued in the instant matter”. .
ZEEL and its top management are under investigation by Sebi for alleged violations of disclosure norms and were initially issued a show-cause notice in July 2022.
Markets watchdog Sebi on Thursday said it will issue a fresh show-cause notice to ZEEL founder-chairman Subhash Chandra and his son Puneet Goenka after it violated listing norms against the media baron and his company. Committed to continuing to investigate the alleged violation.
The order issued by the Adjudicating Officer of Sebi said that the contents of the first Show Cause Notice (SCN) issued to them would also be incorporated “in the SCN to be issued in the instant matter”. .
ZEEL and its top management are under investigation by Sebi for alleged violations of disclosure norms and were initially issued a show-cause notice in July 2022.
Following the July 2022 show cause notice, Zee Entertainment Enterprises Ltd (ZEEL) and Puneet Goenka filed settlement applications with Sebi.
However, the request to stay the decision-making process was rejected by a panel of whole-time members of Sebi and the matter was referred to the markets watchdog for further investigation.
“In this regard, it is observed that after completion of the investigation in the instant matter, it has been decided by the competent authority to take action against the notice under Section 11B of the SEBI Act, 1992,” the order said.
Section 11B deals with powers of SEBI to issue notices and impose penalties.
The order added, “The contents of the SCN dated July 6, 2022 issued by the Adjudicating Officer (AO) relying on the examination report and all documents, further investigation by SEBI in the matter.” The report shall be considered an integral part of ZEEL”.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed. PTI)