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News on Medial
SEBI to continue proceedings against ZEEL over alleged listing violations
YourStory
·
7m ago
Medial
SEBI plans to issue a new show cause notice to ZEEL founder Subhash Chandra and his son Punit Goenka, continuing its investigation into alleged listing norm violations. The contents of the previous 2022 notice will be included in this new proceeding. ZEEL's settlement applications were rejected, prompting further investigation. SEBI will proceed under its authority to impose penalties, incorporating past examination reports and documents as integral parts of the ongoing investigation.
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Vedanta dividend payment case: SAT stays Sebi order
Livemint
·
1y ago
Medial
The Securities Appellate Tribunal (SAT) has granted a stay on an order by the Securities and Exchange Board of India (SEBI) against Vedanta Ltd. The SEBI order had directed Vedanta to pay ₹77 crore in interest for delayed dividend payment to Cairn UK Holdings. SAT has asked Vedanta to deposit 50% of the interest amount into an interest-bearing account for Cairn UK. The case will be heard next on 18 June. SEBI had also barred nine of Vedanta's directors from accessing the capital markets due to alleged violations concerning the delayed dividend payment.
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JM Financial says will fully cooperate with Sebi in probe into public issue of debt securities
Livemint
·
1y ago
Medial
JM Financial Ltd has stated that it will cooperate with the Securities and Exchange Board of India (SEBI) in its investigation into the public issue of debt securities. This comes after SEBI barred the company from accepting new mandates as a lead manager for these securities due to regulatory violations. While JM Financial can continue with existing mandates for 60 days, SEBI will conduct an investigation into the matter within six months. Just days earlier, the Reserve Bank of India had also barred JM Financial from providing any financing against shares and debentures.
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Ola Electric receives SEBI warning over disclosure violation
Entrackr
·
7m ago
Medial
Ola Electric receives SEBI warning over disclosure violation Ola Electric Mobility Limited received an administrative warning from the Securities and Exchange Board of India (SEBI) on Tuesday for violating several regulations. In a stock exchange filing, Ola Electric disclosed that the warning pertains to the dissemination of material information about a planned expansion of its store network. SEBI observed that the company’s Chairman, Bhavish Aggarwal, announced the expansion on social media before it was disclosed to stock exchanges, thereby breaching regulations that require the timely and equal dissemination of material information. Last month, Ola Electric announced plans to open 3,200 new stores, aiming to expand beyond metro and tier I and II cities into smaller towns and tehsils. The warning letter highlighted violations of regulations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. These regulations mandate that listed entities provide timely and equal access to relevant information for all investors, ensuring transparency and fairness. SEBI has advised Ola Electric to improve its compliance standards and warned of potential enforcement actions if such violations recur. Last week, Ola Electric appointed Pritam Das Mohapatra as the new Company Secretary and Compliance Officer. In his new role, Mohapatra will be responsible for overseeing the company’s regulatory compliance and governance framework to ensure adherence to SEBI regulations and corporate governance standards. In a separate development, Ola Electric has been granted a six-week extension by the Karnataka High Court to respond to a Show Cause Notice issued by the Central Consumer Protection Authority (CCPA). The Bengaluru-based company received the notice in October last year due to an increase in consumer complaints, citing alleged violations of consumer rights, misleading advertisements, and unfair practices.
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SC stays GST notices worth over Rs 1 L Cr against online gaming firms for tax fraud
YourStory
·
7m ago
Medial
The Supreme Court has stayed GST authorities' showcause notices, valued at over Rs 1 lakh crore, against online gaming firms over alleged tax evasion. Justices J B Pardiwala and R Mahadevan ruled that all proceedings against these companies remain paused, pending further hearing. The GST law was amended in October 2023 to require foreign online gaming firms to register in India, with a 28% GST on bets. Various firms challenged these demands, and the Supreme Court consolidated cases for review.
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'Do not leave India': ED seeks lookout notice against Byju's CEO
Inshorts
·
1y ago
Medial
The Enforcement Directorate (ED) has reportedly requested the Bureau of Immigration to issue a lookout circular (LOC) against Byju's CEO, Byju Raveendran, to prevent him from leaving India. The request comes as the ED investigates alleged violations of FEMA involving the startup and its founder. Notably, Raveendran has frequently traveled between Delhi and Dubai over the past three years.
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Delhi HC rules against Pocket FM in 'Yakshini' copyright case
Inc42
·
1y ago
Medial
The Delhi High Court has dismissed Pocket FM’s plea seeking an interim injunction against Disney+ Hotstar’s parent company, Novi Digital Entertainment, over alleged copyright violations of its web series ‘Yakshini’. The bench highlighted that the suit was filed only a day prior to the release of the video series on Hotstar without any concrete evidence of copyright infringement.
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Paytm parent company under ED lens for ₹611 crore FEMA breach tied to subsidiary deals
Business Today
·
5m ago
Medial
Paytm's parent company, One97 Communications, is under investigation by the Enforcement Directorate for potential FEMA violations totaling ₹611 crore, related to dealings with subsidiaries acquired in 2017. Alleged violations stem from activities between 2015 and 2019, involving Little Internet Private Limited, Nearbuy India Private Limited, and One97 Communications directly. This scrutiny comes after an RBI directive halted Paytm Payments Bank operations due to non-compliances, though Paytm services continue unaffected.
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ZEE seeks $90M termination fee from Sony for calling off merger
YourStory
·
1y ago
Medial
Zee Entertainment Enterprises is seeking a termination fee of $90 million from Sony Group for cancelling their $10 billion merger deal. ZEEL has terminated the Merger Cooperation Agreement due to breaches by Sony Pictures Networks India (Culver Max Entertainment) and Bangla Entertainment. ZEE is now seeking the termination fee from Culver Max and BEPL in accordance with the agreement. Sony had previously initiated arbitration proceedings claiming the same termination fee. The merger between ZEEL and Sony Group entities had been approved by the Mumbai bench of NCLT but was terminated by Sony in January 2024.
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Zee sets up panel to probe regulator’s allegations against company, promoters
Livemint
·
1y ago
Medial
The board of directors of Zee Entertainment Enterprises Ltd (ZEEL) has expanded the role of its independent advisory committee to investigate allegations brought against the company. The committee, chaired by Justice Satish Chandra, will conduct a deep-dive exercise, review company records, and prepare a detailed report with recommendations for the board. These developments come after recent reports of a financial discrepancy of over $240 million in ZEEL’s accounts and the collapse of a proposed merger with Sony. ZEEL denies restarting discussions with Sony for a merger revival.
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Subhash Chandra not cooperating in Zee fund diversion probe: Sebi tells tribunal
Livemint
·
1y ago
Medial
Subhash Chandra, chairman emeritus of Zee Entertainment Enterprises Ltd, is reportedly not cooperating in an investigation into alleged fund diversion at the media company, according to the Securities and Exchange Board of India (Sebi). Sebi has informed the Securities Appellate Tribunal (SAT) about Chandra's lack of cooperation. Chandra's legal counsel has contested these allegations, stating that they are baseless. Sebi had previously issued an order against Chandra and Punit Goenka, barring them from holding key managerial positions in listed entities due to alleged fund diversion. The investigation has affected the proposed merger between Zee and Sony.
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