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Informist, Thursday, Jan. 2, 2025

MUMBAI – The Securities and Exchange Board of India has rejected settlement applications by Zee Entertainment Enterprises Ltd. and its Chief Executive Officer Punit Goenka in relation to a 2022 show-cause notice for violating disclosure and governance norms. The regulator has decided to investigate the matter further, which will likely result in a fresh show-cause notice later, SEBI said in an order.

As SEBI has decided to investigate further, it has dropped the proceedings related to the earlier show-cause notice. However, the regulator clarified that all the contents, including allegations and related documents, from the previous notice will be part of the further investigation. "... the content of the SCN (show cause notice) dated July 06, 2022, issued by the AO (adjudicating officer), including the examination report and all the relied upon documents, will be treated as integral part of the further investigation report by SEBI in the matter of ZEEL," the order said

Zee Entertainment reported a consolidated net profit of INR 2.09 billion during the September quarter on revenue of INR 20.01 billion. Shares of the company ended at INR 123.97 on the National Stock Exchange on Thursday, up 0.7% from the previous close.  End

Reported by Anshul Choudhary

Edited by Saji George Titus

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