Subhash Chandra, Chairman Emeritus of Zee Entertainment Enterprises, has levelled several allegations against SEBI Chairperson Madhabi Puri Buch and stated that he will cease cooperating with the capital markets regulator.
As per media reports, Chandra stated that he is considering legal action against Buch, asserting his belief that the “SEBI Chairperson is corrupt.” He has also urged other corporate houses to support him in this fight.
He also mentioned that his issue with the SEBI Chairperson also affected the Zee-Sony merger.
Reports also quoted him saying, “Yes, this was the main reason for the merger to set apart, and that is why I am questioning today that SEBI is supposed to protect the interest of minority shareholders, and she succeeded in pushing away Sony from getting merged with Zee.”
Chandra mentioned that he also reached out to Finance Minister Nirmala Sitharaman on the issue but has yet to receive a response. He further claimed that Buch is “biased” against him, prompting his decision “not to cooperate with SEBI any further”.
He also called on ZEEL to cease further cooperation with SEBI, arguing that the investigation is biased and influenced by the pre-conceived notions of the SEBI Chairperson.
“ICICI Bank and my investigation tells me that Madhabi Puri Buch and Chanda Kochhar at that time, were constantly on phone calls. She was the very close person, and Chanda Kochhar was the one who was giving the money to her, which has been revealed today this morning, for crores of rupees, she was taking illegally from ICICI,” Chandra said.
Last year, NCLT approved the merger between Zee Entertainment and Sony Pictures Networks India, setting the stage for the formation of a $10-billion media giant in the country.
However, in January 2024, the merger between Sony and Zee was canceled after disagreements arose over more than 20 compliance issues. The failed deal was largely derailed due to a lack of consensus on who would lead the merged entity.
