Sebi bars Zee’s Chandra, Goenka from market for 1 year

Sebi banned Zee group's Subhash Chandra and Punit Goenka from the market for one year for fraudulently pledging ZEEL's Hyderabad land parcels as security for personal loans.

Chandra was fined Rs 60 lakh, Goenka Rs 58 lakh, and Zee Entertainment Enterprises Rs 30 lakh for the fraudulent acts carried out in 2018.

In December 2016, four privately held entities controlled by Chandra and his family took loans aggregating Rs 726 crore, and in November 2018, the lender sought additional security.

Chandra, as ZEEL chairman, misused his position to hand over the original title deeds of the Hyderabad land, falsely declaring it had management approval, putting the company's asset at risk for personal benefit.

Sebi's 150-page order noted the true nature of the transaction was never disclosed, and the incident was projected as a misplacement of documents, showing absence of good faith.