Subhash Chandra and Punit Goenka have moved SAT against the SEBI order barring them from holding director positions or key management personnel in any listed company on alleged siphoning of funds from Zee Enterprises. Therefore, pursuant to the misappropriation, ZEEL has taken every step to ensure that money is recovered and no loss is cause to the shareholders, thereby acting in the interest of the shareholders," the company said. "It is submitted that ZEEL happens to itself be a victim of the misappropriation by Yes Bank. The misappropriation of ZEEL's FD was the result of the unilateral action of YBL without any action on part of the ZEEL. There was no privity of contract between the Yes Bank, ZEEL and the Borrowing entities. ![]() "It is submitted that we were never privy to the loan arrangements between Borrower Entities and Yes bank or the loan amount involved. "It is beyond our comprehension as to why the present matter is being reinvestigating/re-examining, when the cause of action pertaining to the matter is around 4 years old," the company said. Zee said, "It may also be noted that the transactions in the present matter pertain to the year 2019 and a detailed explanation has already been provided to Stock Exchanges and SEBI. In a letter to SEBI, Zee said, “Please note that the said merger is at an advanced stage post receipt approvals from various regulators (including SEBI, Stock Exchanges and CCI etc.) and the scheme is also approved by 99.9 per cent of the equity shareholders of ZEEL." ![]() Ltd, which is one of the largest integrations of industry majors in the media industry and entails an incoming foreign direct investment of $1.7 billion into India. SEBI has given a no objection certificate ('NOC') to the composite scheme of merger in the matter of ZEEL and Sony Pictures Networks India Pvt.
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