Zee's Subhash Chandra, Punit Goenka fined by SEBI, barred from markets for one year
SEBI fined Zee Entertainment Enterprises, CEO Punit Goenka, and Chairman Emeritus Subhash Chandra a total of ₹14.8 million for securities law violations.
Goenka was fined ₹5.8 million and Chandra ₹6 million; both were barred from the securities market for one year.
ZEEL was fined ₹3 million and barred from the securities market for two months.
SEBI found ZEEL used its Hyderabad land as security for loans totaling ₹726 crores taken by four Essel Group entities from Indiabulls Housing Finance on December 13, 2016, without proper approvals or disclosure.
The regulator ruled the unauthorized collateralization was fraudulent, harming investor interests under the SEBI Act and PFUTP Regulations.
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