Appropriate steps will be actioned: ZEEL Board on SEBI banning Subhash Chandra, Punit Goenka

Following markets regulator SEBI’s order barring Subhash Chandra and Punit Goenka from holding the position of a director or key managerial personnel in any listed company for siphoning off ZEEL funds, the Board of Directors of ZEEL Tuesday said that all the appropriate steps will be actioned as necessary, in order to ensure that the interest of the Company and all its valuable shareholders is kept at the forefront.

Also read: Sebi bars Subhash Chandra and Punit Goenka from holding director roles for siphoning off ZEEL funds

“The Board of Directors of Zee Entertainment Enterprises Ltd. (ZEEL) has noted the interim ex-parte order issued by the Securities and Exchange Board of India (SEBI), with respect to Dr. Subhash Chandra and Mr. Punit Goenka,” the company said in a regulatory filing.

“The Board is currently in the process of reviewing the detailed order, and appropriate legal advice is being sought in order to take the next steps as required,” the company said adding that all the appropriate steps will be actioned as necessary, in order to ensure that the interest of the Company and all its valuable shareholders is kept at the forefront.

“The Board recognises the significant contribution made by Dr. Subhash Chandra as the founder of the Company and the growth and value generation-centric leadership showcased by Mr. Punit Goenka. The Board is confident that the Company will continue to achieve the set goals for the future and most above, create value for all stakeholders,” ZEEL said.

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