Sebi rejects settlement pleas by Zee and Punit Goenka

The Securities and Exchange Board of India (Sebi) on Thursday, January 2, rejected the settlement applications submitted by Zee Entertainment Enterprises (ZEEL) and Punit Goenka, directing the matter for further investigation.  

In a three-page order, Sebi dismissed show-cause notices issued to Zee, Subhash Chandra, and his son Punit Goenka for alleged regulatory violations. Instead, it merged the contents of these notices with an ongoing broader investigation.

Subhash Chandra, the Director and former Chairman, and Punit Goenka, the Executive Director, CEO, and Managing Director of Zee Entertainment Enterprises, are involved in adjudication proceedings under Section 23E of the Securities Contracts (Regulation) Act, 1956.  

The proceedings began with Sebi appointing Parag Basu as the Adjudicating Officer (AO) on October 28, 2021. However, the case was re-assigned to AO Amit Kapoor on December 27, 2024.

Zee Entertainment Enterprises and Punit Goenka had submitted settlement applications to resolve the proceedings initiated against them. However, a panel of Whole Time Members at Sebi rejected these applications and referred the matter for further investigation.  

"In this regard, it has been observed that subsequent to completion of investigation in the instant matter, it has been decided by the Competent Authority to proceed against the Noticees under Section 11B of SEBI Act 1992," the order stated.