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We’ll lift Zee stake to 26%; no plan to raise external funds: Subhash Chandra

Livemint

Livemint · 1y ago

We’ll lift Zee stake to 26%; no plan to raise external funds: Subhash Chandra

Zee Entertainment, the Indian media giant, is facing pressure to remove its promoter family following a failed merger with Sony Pictures. Founder Subhash Chandra has voiced support for his son, Punit Goenka, as the right person to lead the company, and aims to increase the family's stake in Zee from 4% to 26%. Chandra stated that Zee is a profitable, zero-debt company and urged shareholders to be patient. He also revealed plans for the promoter family to raise their shareholding in Zee without raising external funds.

Related News

Subhash Chandra not cooperating with probe: SEBI

Thehindubusinessline

Thehindubusinessline · 1y ago

Subhash Chandra not cooperating with probe: SEBI

Subhash Chandra, chairman emeritus of Zee Entertainment Enterprises Ltd, is allegedly not cooperating with an investigation by the Securities and Exchanges Board of India (SEBI) into the alleged diversion of funds from Zee Entertainment Enterprises. SEBI claims to have made efforts to engage with Chandra, but has received delayed responses and promises of cooperation. Chandra's legal counsel denies these allegations and has referred to a previous ruling that addressed the issues at hand. SEBI recently uncovered a financial discrepancy of over $240 million in Zee Entertainment's accounts, which the company denies. The matter is ongoing.

Subhash Chandra not cooperating in Zee fund diversion probe: Sebi tells tribunal

Livemint

Livemint · 1y ago

Subhash Chandra not cooperating in Zee fund diversion probe: Sebi tells tribunal

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.

SEBI to question Zee's top management over fund diversion allegations

Livemint

Livemint · 1y ago

SEBI to question Zee's top management over fund diversion allegations

The Securities and Exchange Board of India (SEBI) is investigating Zee Entertainment Enterprises over allegations of fund diversion. SEBI is set to question the top management of the company, including founder Subhash Chandra, CEO Punit Goenka, and the CFO, regarding these allegations. The regulator aims to conclude its investigation by mid-April. Zee Entertainment refuted the allegations and stated that the reports of accounting issues are false. This investigation follows a decline in Zee's share price and the cancellation of a merger deal with Sony Group.

Bombay HC asks Zee promoter to deposit ₹61.6 crore over default to Axis Finance

Livemint

Livemint · 1y ago

Bombay HC asks Zee promoter to deposit ₹61.6 crore over default to Axis Finance

The Bombay high court has directed Cyquator Media, a promoter company of Zee Entertainment Enterprises Ltd (ZEEL), to deposit ₹61.64 crore after it defaulted on loan repayments to Axis Finance. Axis Finance had granted a term loan of ₹100 crore to Cyquator Media in June 2018, but the company started defaulting on interest payments in September 2019. Zee Entertainment founder Subhash Chandra and his son Punit Goenka were also made parties to the suit. Axis Finance has filed a separate suit against the Goenkas for recovery of its dues.

Supreme Court dismisses Amit Goenka’s plea against Bombay High Court order in Shirpur Gold case

Livemint

Livemint · 11m ago

Supreme Court dismisses Amit Goenka’s plea against Bombay High Court order in Shirpur Gold case

The Supreme Court has rejected Amit Goenka's plea against the Bombay High Court's order to investigate alleged fund misappropriation at Shirpur Gold Refinery. Goenka, who is currently the president of Zee Entertainment Enterprises Ltd, was the non-executive chairman of Shirpur Gold Refinery. The Securities and Exchange Board of India had appointed KPMG as a forensic auditor in response to complaints of fund diversion. The Supreme Court upheld the High Court's decision to appoint KPMG and dismissed Goenka's petition. The investigation is related to loans allegedly siphoned off to companies controlled by Subhash Chandra and his family, who are associated with Essel Group, the owner of Zee Entertainment.

ZEE Entertainment shareholders approve plan to raise Rs 2,000 Cr

YourStory

YourStory · 1y ago

ZEE Entertainment shareholders approve plan to raise Rs 2,000 Cr

Zee Entertainment shareholders have approved a plan to raise Rs 2,000 crore through equity shares and qualified institutions placements. The resolution was passed by 78.83% of the total polled votes. The funds will be raised through a private placement, qualified institutional placement, preferential issue, or a combination of these methods. While the company has not disclosed how the funds will be invested, analysts believe it will likely be used for business expansion. This is Zee Entertainment's first fundraising round following the termination of a merger deal with Sony Corporation.

For Zee’s investors, a teary two-year ride

Livemint

Livemint · 1y ago

For Zee’s investors, a teary two-year ride

Despite high expectations of creating shareholder wealth, the proposed merger between Zee Entertainment and Sony Corp has fallen through, causing concerns among investors. Foreign institutional investors, including Invesco and Amansa Capital, have sold their stake in Zee, while domestic mutual funds and insurance companies have increased their ownership. Retail shareholders are becoming restless and considering options such as seeking board reconstitution. The Zee stock has seen a significant decline, and uncertainties regarding future prospects and partnerships are impacting investor sentiment.

Zee plans to raise funds via share sale, calls board meeting on 6 June

Livemint

Livemint · 1y ago

Zee plans to raise funds via share sale, calls board meeting on 6 June

Zee Entertainment Enterprises Ltd is considering raising capital to support its growth. The media company, led by Punit Goenka, has called a board meeting on 6 June to discuss the proposal. Zee Entertainment is planning to raise funds through equity issuance, convertible papers, or a preferential issue. The decision comes after the cancellation of its $10 billion merger with Sony. Zee Entertainment has been going through a cost-cutting phase and has experienced changes in its board and leadership structure. The company's shares have fluctuated since the merger deal fell through.

PB Fintech invests Rs 539 crore in healthcare arm

Economic Times

Economic Times · 4m ago

PB Fintech invests Rs 539 crore in healthcare arm

PB Fintech, the parent of Policybazaar and Paisabazaar, invested Rs 539.4 crore in its health subsidiary, PB Healthcare Services, as part of a Rs 1,461.6 crore seed funding round. This investment, involving 5.39 crore Compulsory Convertible Preference Shares, will support the subsidiary's growth and financial strength. The company's stake will reduce from 100% to 32.14% due to external investor participation. The funds will also establish an Employee Stock Option Plan to retain talent.

Neobanking Startup Jupiter Seeks RBI Approval For Stake In SBM Bank India

Inc42 · 10m ago

Neobanking Startup Jupiter Seeks RBI Approval For Stake In SBM Bank India

- Neobanking startup Jupiter in talks to acquire 26% stake in SBM Bank India - Deal subject to approval from Reserve Bank of India (RBI) - Acquisition may be done in tranches with an option to raise stake - Jupiter has backing from Tiger Global, Peak XV, and Matrix Partners - Jupiter also in talks for a separate deal to acquire 5-9.9% stake in SBM Bank India

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